Can a Taxpayer Deduct Payments if no Form 1099 Is Issued?
Tax Court

Can a Taxpayer Deduct Payments if no Form 1099 Is Issued?

The United States Tax Court recently took up an interesting case which, on its surface, seems a run-of-the-mill case (it is a memorandum decision). However, it has some interesting perspectives related to documentation of payments to contract... Thomas Gorczynski, EA, USTCP

Due Diligence: How Do You Do It and How Much Is Enough?
Feature Article

Due Diligence: How Do You Do It and How Much Is Enough?

When I was director of the Office of Professional Responsibility, one of the most frequent questions I received from tax professionals around the country was: "How do I know when I have done enough due diligence?" The ultimate answer: “It depends,” sho... Karen L. Hawkins

Excluding Medicare Waiver Payments from Income
Feature Article

Excluding Medicare Waiver Payments from Income

The Internal Revenue Service (IRS) has provided guidance on the tax treatment of certain payments to individual care providers for the care of eligible individuals under a state Medicaid waiver program in IRS Notice 2014-7.i The prog... Laurie W. Ziegler, EA

How to Be Eligible for Substantial Tax Savings as a Trader
Feature Article

How to Be Eligible for Substantial Tax Savings as a Trader

There are tax advantages for traders who are eligible for trader tax status (TTS). This article provides an overview of how to qualify for TTS (no election is required): Automated trading systems can qualify for TTS, providing the trader is significantly involved ... Robert A. Green, CPA

Your Questions Answered
Your Questions Answered

Your Questions Answered

QUESTION #1: During tax year 2019, one of our firm’s business clients had a very successful year. The business is a general partnership and it provides consulting services. Pass-through income, and thus taxable income, was high enough that the qualified business incom... Alison Flores, JD