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IRS Draft Form Confirms Tip Deduction Marriage Penalty

IRS Draft Form Confirms Tip Deduction Marriage Penalty

Shortly after the release of the One Big Beautiful Bill, I noted an apparent marriage penalty in the No Tax on Tips provision.  My friend Grok told me that I was the first commentator to take note of it, but I take compliments from Grok with a grain of salt. You...
Tax Free Tips For The Piano Man?

Tax Free Tips For The Piano Man?

President Trump’s campaign promise of tax-free tips was partly fulfilled in the One Big Beautiful Bill.  Rather than an exclusion from all taxes, there is an-above-the line income tax deduction limited to $25,000 for qualified reported tips.  There was language...
Section 183 Hobby Losses Live Video Conference

Section 183 Hobby Losses Live Video Conference

$99.00 This is a 2-hour live video conference (2 CPE credits) led by Peter J. Reilly, CPA., who has been a tax practitioner for over 44 years, has read and analyzed over 700 cases on hobby losses. Zoom Live Video Conference: Nov. 14th, 1-3pm ET   Because one of our...
As IRS Withers Tax Pros Still Urge Compliance

As IRS Withers Tax Pros Still Urge Compliance

Last month I reflected on the implications of the very low probability of tax returns being audited.  My career started in 1979, and I remember the IRS being much more formidable.  Of course, the memories of old people are notoriously unreliable, but I had data to...