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, [...]
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 [...]
IRS Tips to Taxpayers Preparing for Hurricane Season
From the Desk of Lauran L. Stevenson IRS Tips to Taxpayers Preparing for Hurricane Season The Atlantic hurricane season officially begins June 1. Last week, the Internal Revenue Service offered [...]
The Often-Overlooked Home Office Business Deduction
From the Desk of Lauran L. Stevenson The Often-Overlooked Home Office Business Deduction As part of National Small Business Week (April 30-May 6), the IRS highlighted a series of tips [...]
President Trump’s New Tax Proposal
From the Desk of Michael T. McCormick President Trump’s New Tax Proposal President Trump outlined his new tax proposal on Wednesday that the Administration intends to submit to Congress. “Today [...]
My Last Thoughts for Year End Strategizing: Year End Tax Planning Series
From the Desk of Michael T. McCormick My Last Thoughts for Year End Strategizing: Year End Tax Planning Series As the year comes to a close, I have a few [...]
PATH Act “extenders” and More: Year End Tax Planning Series
PATH Act "extenders" and More: Year End Tax Planning Series Continued To continue our discussion on year-end planning considerations, keep in mind that what Congress giveth it occasionally taketh away! [...]