Are Marshawn Lynch’s Fines Tax Deductible?

Seattle Seahawks running back Marshawn Lynch has gained notoriety over the last two seasons for his continual avoidance of the media and the resulting fines. By making himself unavailable to the media after games, Lynch is no stranger to league penalties. […]

Expanded New Philadelphia Jobs Credit

A recent amendment to the Philadelphia new job creation tax credit ordinance provides an additional special multi-year tax credit for certain new jobs created in 2015. This special tax credit provides businesses a tax credit in the amount of not […]

Who Should Sign Your Partnership’s Tax Return?

A recent memorandum from the IRS’s Office of Chief Counsel makes it clear that a federal Partnership Return Form 1065 or the associated Signature Authorization Form 8879-PE must be signed by a general partner or a limited liability company member […]

“Going Concern” Early Warning System

Unfortunately, sometimes bad things happen to businesses; an irreplaceable customer is lost, new technology makes core products obsolete, competitors gain overwhelming market share.  When such things happen, a business’s ability to survive without major improvement to its financial strength may […]

Gambling Income and Losses

The IRS recently released a “Tips” sheet on gambling income and losses offering some very important points to remember when playing the ponies, rolling the dice or pulling the slots. All gambling income must be reported on your tax return; […]

Internal Control and Fraud

A lot of business owners think of internal control as unproductive overhead costs; just a waste of time and money.  At the same time, a lot of business owners suffer from gnawing doubts about whether any of their employees are […]

The Accelerated Depreciation Dilemma

Companies are able to recover the cost of equipment purchases through depreciation expense, a non-cash expenditure that reduces taxable income without reducing cash flow. Depreciation expense can be claimed in a steady, annual manner over the useful life of the […]