Are Club Dues A Deductible Business Expense?

For any business expense to be deductible it must be ordinary and necessary to a business’s operations.  The IRS determines the deductibility of club dues based on the nature of the club’s activities. The club’s name or the member’s business […]

Calling the IRS?

Talking to the IRS is more difficult now than at any other time in the recent past. Between 2014 to 2015, the IRS’ customer service budget was slashed by almost 76%.  As a result, in 2015 it answered only 37% […]

Gifts of Family Business May Get Costly!

For individuals who may be considering transitioning the family business, the IRS is presently evaluating whether to eliminate a technique frequently employed to produce Gift Tax savings for such transitions. Current tax strategy for these transitions is to take a […]

If You Hold Foreign Bank or Financial Accounts

If you hold foreign bank or financial accounts and the total value of your account exceeds $10,000 at any time during the calendar year, you may be required to file a Treasury Department report known as the FBAR. It’s easy […]

International Flight Attendant Cannot Exclude All Income

Individual U.S. taxpayers earning foreign-sourced income are typically able to exclude a portion of their earnings from Federal taxation. However, a recent D.C. Circuit case affirmed that a U.S. flight attendant based in Hong Kong could not claim all of her earnings […]

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. […]