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When Benjamin Franklin said that nothing is certain but death and taxes, he managed to name two of the things that people loathe and fear the most. One of the things that makes taxes so unpleasant is obviously the fact that you have to hand over some of your hard-earned money to the government, and … Continued →
Increase in De Minimis Safe Harbor Limit for Taxpayers Without an Applicable Financial Statement Notice 2015-82 increases the de minimis safe harbor limit provided in § 1.263(a)-1(f)(1)(ii)(D) of the Income Tax Regulations for a taxpayer without an applicable financial statement (“AFS”) from $500 to $2,500. Notice 2015-82 will be published in Internal Revenue Bulletin 2015-50 … Continued →
In case you haven’t heard, there were some significant income tax law changes effective January 1, 2013 and for the most part, income taxes went up. Why is this important for buyers? You see, some folks who place prices on practices will use the profit and loss reports from the most recent year. Now sometimes … Continued →
Here are some recent tax court rulings: Income Tax—Private Coaching Activity Is Not a Hobby: The taxpayer was an assistant track coach at Oregon State University, an athletic coach for Nike, and had long been involved with coaching and other activities connected to track and field. He began private coaching activities in addition to teaching and … Continued →