Taxation

The Internal Revenue Service (IRS) is ushering in a wave of improvements designed to empower small business taxpayers. These changes, set to enhance phone service, in-person interactions, and online options, aim to provide seamless assistance tailored to the unique needs of small businesses.

Let’s take a look.

The Catalyst: Inflation Reduction Act (IRA)

The driving force behind these forthcoming enhancements

Recently, businesses have experienced an increase in inquiries from the Small Business Administration (SBA) regarding the forgiveness of Paycheck Protection Program (PPP) loans that were previously forgiven. This raises a critical question: Can the SBA go back and retract forgiveness on a PPP loan that is already forgiven?

The answer: Yes, the SBA has the authority to go back and

For people with disabilities, government benefits are critical to their ability to survive and finance basic life necessities. But survival is the bare minimum, and your disabled loved one deserves the opportunity to live their life to the fullest! Unfortunately, the rules surrounding these benefits make losing eligibility far too easy when trying to supplement their income. And that’s where

In its January 30, 2024, decision in Park v. Kim, the U.S. Court of Appeals for the Second Circuit responded to an attorney who submitted a reply brief in the appeal that cited a nonexistent case that, as it turns out, the attorney obtained through ChatGPT.

The Court informed Counsel it could not locate the case and requested she

When someone becomes a successor trustee, they gain substantial power over a trust and its assets. Unfortunately, for some trustees, the temptation to use trust assets for their own benefit is too great. When they do, it can have enormous consequences on your inheritance, the trust, and the legacy your loved one left behind. One common way trustees exploit their

In tax law, the distinction between a legitimate business and a hobby is critical, particularly regarding tax deductions. The Internal Revenue Service (IRS) rigorously examines businesses that consistently report losses, potentially categorizing them under “hobby loss” rules.
This classification carries significant tax implications, especially for high-income individuals who engage in side businesses with the intention of offsetting their income through