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Latest Blog & Articles

  • EIN confusion with small business mergers, nesting, and ownership changes

    I had a handful of small business EIN (Employer Identification Number) issues this past week that prompted this blog post. This is not meant to be advice or opinion, but rather just a retelling of the story summaries. Case 1:A single member LLC (Limited Liability Company) owner operates all aspects of her business under the LLC’s EIN. This includes business contracts, bank accounts, online advertising, employer agreements, tax accounts, etc. The owner noticed the instructions for a W4 said to use the owner’s EIN and not the business EIN since the EIN is a disregarded entity. But since the individual

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  • Hobby loss tax problems on the rise?

    “If one takes seriously the promise that the coming uptick in IRS will fall on those with incomes over $400,000, we might see an increase in hobby loss/ Section 183 cases. When wealthy taxpayers try their hand at boat chartering in the Caribbean, dressage, running a vineyard, or writing a travel guide premised on finding the best sushi in Japan, and the activities generate losses that the taxpayer would like to use to offset other income, the IRS may carefully scrutinize the taxpayer’s profit intent.” – tax professor Leslie Book in a blog post last week. “The promise” the professor refers to

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  • Tax debt as a contributing cause of suicide

    If you are reading this and feeling overwhelmed by your own situation, please know that all debt problems can be solved. Many of us who have gone through this know that there is a clear path to relief of this stress even if the path is not visible to you yet. The incidence of tax debt is increasing. Suicides are increasing. But are they related? After reading a peer accountant’s tragic story of a young married father who committed suicide shortly after the accountant informed him of the amount of his tax debt, I surveyed published articles to learn more

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