How does it start? If the IRS suspects fraudulent activity from information given by a revenue agent, revenue officer, ongoing investigations by law enforcement agencies, attorney offices, or even tips from the general public. This information is given to a…
The new IRS proposed regulations confirm that the S corporation treats as wages the reasonable compensation that it pays to its shareholder-employees. That’s good, and it opens planning opportunities. Even better! There had been some commentators who claimed that wages…
Drive Time Increases Odds of Deducting Rental Property Losses Your rental properties provide tax shelter when you can deduct your losses against your other income. One step to deducting the losses is to pass the tax code’s 750-hour test. And…
Lothamer aims to be the best tax resolution office in Michigan, and in order to do that we need to be able to assist as many people as possible. We are currently operating out of 9 offices throughout the state…
If you have, or even haven’t received a text, call, letter, or email in relations to the IRS for a variety of reasons we have some information and insights relating to the types of scams currently happening and what to…
This means that auditors aren’t always familiar with every nuance of the tax code and so occasionally get things wrong. For example, you may be keeping a 90-day mileage log, but your IRS auditor may disallow all of your auto…
If you use triple-net leases for your rental properties, you may wonder whether you’ll get your Section 199A deduction. We don’t have a clear answer for you, so we are going to go with “maybe.” As you’ll see, we need…
If you enjoy the occasional visit to the casino or plan on going any time in the future, this article will help you in knowing how to manage your taxes after a visit. If you have been fortunate enough to…
Tax reform made a lot of good changes in the tax law for the small-business owner. But the changes to the net operating loss (NOL) deduction rules are not in the good-changes category. They are designed to hurt you and…
The new 2018-19 FAFSA form has become available to apply on since Oct. 1st of this year. We have decided to make a checklist to help make sure you are on track to be eligible to apply for the new…