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Do You Have a Deductible Business Loss or a Nondeductible Hobby Loss?

Taxpayers who engage in an unincorporated sideline outside of their regular day jobs must understand the differences in the tax treatment of hobbies and for-profit business activities. Here's an overview of the hobby loss rules, along with a recent U.S. Tax Court case that disallowed a taxpayer's claim that his loss from organizing film festivals should be classified as a for-profit business activity. Read More...

5 Recent Supreme Court Decisions that Could Affect Your Business

The U.S. Supreme Court just wrapped up its 2016 term. This spring, the top court published several opinions that will affect businesses, including cases that provide an ERISA exemption for church plans and clarify federal guidance on patents, copyrights, bankruptcy priority, and the statute of limitation for disgorgements from the Securities and Exchange Commission. In the 2017 term, a case regarding online sales and use tax charges could take center stage. Read More...

Why Partnership Tax Status May Sometimes Be Unwanted

In some cases involving activities with more than one co-owner, it may be desirable to avoid partnership status for federal income tax purposes. Fortunately, there are ways around being taxed as a partnership and there's a key Tax Court decision that you can use to determine whether your multi-owner activity must be classified as a partnership. Read More...