Author Archives: Rob Teuber

Are you really in business? Or is it just a hobby?

The Internal Revenue Code (the “Code”) Section 162 allows businesses to deduct their ordinary and necessary expenses against the income generated by their trade or business.  If the expenses exceed the income in a given year, a net operating loss may arise.  For taxpayers that report their businesses on a Schedule C on their FormContinue reading “Are you really in business? Or is it just a hobby?”

Stimulus Checks for the Dead

Under the Coronavirus Aid, Relief and Economic Security (“CARES”) Act, the majority of Americans received Economic Impact Payments commonly referred to as “Stimulus Checks.”  In an effort to get these payments out to citizens as quickly as possible, the IRS used prior year tax return data (from the 2019 if it had already been filed,Continue reading “Stimulus Checks for the Dead”

July 15, 2020 – Time to Pay Again

When the COVID-19 pandemic hit the United States in full swing early this year, the government reacted with legislation and policy to ease the impact on the American public.  This included an extension of tax filing and payment obligations until July 15, 2020.  It also allowed taxpayers that were in installment agreement payment plans withContinue reading “July 15, 2020 – Time to Pay Again”

CARES Act Tax Provisions – a refresher

The Coronavirus Aid, Relief and Economic Security (“CARES”) Act is widely known for the Paycheck Protection Program (“PPP”) which allowed employers to obtain forgivable loans provided that the proceeds of the loans were used for specified purposes.  In addition, the CARES Act also provided substantial economic assistance to individuals and businesses through a number ofContinue reading “CARES Act Tax Provisions – a refresher”

PPP loan extension becomes law.

A hallmark of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was the creation of the Paycheck Protection Program (PPP) which, in general terms, allowed an employer with fewer than 500 employees to obtain forgivable loans equal to 2.5 times its average monthly payroll costs (capped at $10M) provided the funds were used forContinue reading “PPP loan extension becomes law.”

The IRS July 15 deadline is almost Here. Here is what it means for the IRS.

As the COVID-19 pandemic hit the United States, the Internal Revenue Service was one of the many government organizations that was hit with widespread office closures.  This impacted their operations and the ability of taxpayers to address any tax issues they have had.  In recognition of the issues, the United States Treasury even extended theContinue reading “The IRS July 15 deadline is almost Here. Here is what it means for the IRS.”

Settling Tax Liabilities for Less than the Full Amount (the Offer In Compromise).

The Internal Revenue Code provides that a tax liability can be resolved for less than the full amount of the total debt.  Sometimes, the tax debt can be resolved for a fraction of the total.  This procedure is known as an Offer in Compromise.  In the right circumstances, an Offer in Compromise can be usedContinue reading “Settling Tax Liabilities for Less than the Full Amount (the Offer In Compromise).”