2017 Tax Letter
Dear Clients, Friends and Colleagues; Happy New Year! I hope your 2017 was healthy, happy and prosperous! [...]
About Scott
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Security Summit: IRS Prepares for 2018 Filing Season
Security Summit: IRS Prepares for 2018 Filing Season On October 17, 2017, the IRS joined with representatives of the software industry, tax preparation firms, payroll and tax financial product processors [...]
The Hobby Loss Rule Part III: Audit Mitigation
From the Desk of Lauran L. Stevenson The Hobby Loss Rule Part III: Audit Mitigation Ensuring that the activity will be considered engaged in for profit means that there must [...]
The Hobby Loss Rule: Determining Factors Part II
From the Desk of Lauran L Stevenson The Hobby Loss Rule: Determining Factors Part II If a taxpayer does not meet the standards of the safe-harbor presumption, determining if an [...]
Equifax Data Breach: The Saga Continues
From the Desk of Lauran L. Stevenson Equifax Data Breach: The Saga Continues A deal was finalized on October 2, 2017 that awarded Equifax a $7.25 million government contract to [...]
The Hobby Loss Rule: What is the Hobby Loss Rule? Part I
From the Desk of Lauran L Stevenson The Hobby Loss Rule: What is the Hobby Loss Rule? Part I IRS Code Section 183, entitled Activities Not Engaged in for Profit, [...]
Tax Reform
From the Desk of Michael T. McCormick Tax Reform Looks like a coalition of Administration, Senate and House leaders have reached a tentative tax plan. The below is a rough [...]
The Equifax Data Breach and Steps to Stay Safe
From the Desk of Michael T. McCormick The Equifax Data Breach and Steps to Stay Safe Equifax discovered a data breach on July 29, 2017 through a flaw in a [...]
Tax Relief for Victims of Hurricane Irma
From the Desk of Lauran L Stevenson Tax Relief for Victims of Hurricane Irma Hurricane Irma left record breaking damage in its wake, leaving many taxpayers in uncertainty for the [...]
IRS Tax Relief in the wake of Hurricane Harvey
From the Desk of Lauran L Stevenson IRS Tax Relief in the wake of Hurricane Harvey On Tuesday, the IRS made an announcement outlining several relief provisions for victims of [...]
Divorce or Separation May Affect Taxes
From the Desk of Michael T. McCormick Divorce or Separation May Affect Taxes Taxpayers who are divorcing or recently divorced need to consider the impact divorce or separation may have [...]
The New Illinois Tax Hike
Illinois budget legislation has been enacted over Gov. Bruce Rauner’s veto that increases corporate and personal income tax rates, creates an income and personal property replacement tax addback for the [...]