Corporations Can Play "Free Agent", Too Baseball is back in swing, and several teams have already made it clear that they won't be contending for playoff berths. The Cincinnati Reds are leading that sorry pack, the first team to lose 20 games in the season. But the...
Profit & Tax Blog
No Business Like Shvo Business
He Dodged More than $1 Million in Taxes The lights of Broadway have long shone bright as the show business capital of the United States. (Hollywood may have the movies, but it's just not the same. And Vegas? Puh-leaze.) New York theatres attract millions of visitors...
Inventing Tax Records
How Long Should You Keep Tax Records? Tax Day 2018 has come and gone. Have you cleaned up the mess from the celebration? Has your hangover faded into memory? Now all that's left is to box up those records and store them somewhere safe, for . . . how long? Storing tax...
Quit Your Whining
Over $1 Billion in Taxes Deferred Because of Loophole By all rights, "Tax Day" ought to be one of our favorite holidays, like "Christmas in April" without the carols, the hype, or the eggnog. That's because eighty percent of us get refunds, averaging $2,782 each in...
Such a Bore
Not all tax professionals are boring! Everyone has a mental picture of what a tax professional or accountant looks like. Probably pretty boring, right? Dull. Predictable. Not quite smart enough to do useful work, like engineering. Definitely not slick enough for...
Auditors on Deck
Changes May Affect Trades Between Professional Sports Teams Baseball is back, even as some teams are looking at early-season snow days. Little-leaguers across the land are donning gloves and getting ready to watch their favorite big-leaguers take to the field. Stats...
Where Does Cardi’s Money Go?
Funny Rant by Cardi B on Money The rapper Cardi B grew up in the South Bronx's Highbridge neighborhood, where the median family income barely tops $27,000. Cardi, born Belcalis Armanzar, couldn't wait to get out. She spent much of her time at her grandmother's home...
Ooops!
When You Rush, You Make Mistakes Back in 1985, a group of ambitious lawmakers set out to reform the federal income tax code. House Ways & Means Chair Dan Rostenkowski introduced the legislation. (This was before he became inmate #25338-016 at the Oxford Federal...
IRS Investigates Pot of Gold at End of Rainbow
Tax Code Special Rules Help IRS Get Leprechaun's Treasure St. Patrick's Day is here, and every "Irish for a day" tippler in your social circle will take advantage of this convenient excuse to haul grandma out of the house for a little day-drinking. (It seems...
Area Man Treats Colleague to Dinner, Drinks
Can This Company Bar Tab Qualify As A Deductible Business Expense? The three-martini lunch has a long and mostly honorable history as a deductible business expense. As former President Gerald Ford once said, "Where else can you get an earful, a bellyful, and snootful...