Dennis Adams has a PhD from Texas Tech University and has research and practical experience in leadership, strategy and innovation, focusing on the bottom-line contributions that technology makes to organizations.

Having a Plan Isn’t Enough

The tax code allows a taxpayer to deduct ordinary and necessary expenses paid or incurred in carrying on a trade or business. In one case, a married couple deducted more than $25,000 in expenses related to an organic farming venture, including startup costs and amortization. They bought acreage and planned to procure USDA certification for […]

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Yet Another Tax Form – 1099-NEC

Businesses should use Form 1099-NEC, “Nonemployee Compensation,” to report payments of $600 or more to nonemployees during 2021. Be aware that such payments could be subject to backup withholding in certain cases. Payers of nonemployee compensation during 2021 generally are required to file these forms by Jan. 31, 2022. Backup withholding could apply if the recipient

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Miniature Donkeys for the Win

The U.S. Tax Court ruled that a married couple’s miniature donkey breeding activity was conducted with a profit motive. The IRS had earlier determined it was a hobby and the couple was liable for taxes and penalties for the two tax years in which they claimed losses of more than $130,000. However, the court found

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IRS Keeping Your Data Safe While Their Workers Work from Home

Is the security of taxpayer data threatened as many IRS employees work remotely, due to COVID-19? The Treasury Inspector General for Tax Administration (TIGTA) recently looked at how well the IRS has addressed the risks related to telework. Measures taken to enhance security include using virtual private networks with two-factor authentication for telework, the IRS

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Build Back Better Paused

It’s a new year and you may be wondering about the fate of the Build Back Better Act (BBBA). Senate Democrats were unable to muster the votes to pass the bill late last year, and that resulted in the end of the advance Child Tax Credit (CTC) payment program. Senate Majority Whip Dick Durbin (D-IL)

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Wildfire Relief

The IRS is providing disaster tax relief to victims of the recent Colorado wildfires. The tax agency announced that the relief applies to taxpayers who live or have a business in Boulder County. In addition, the IRS will work with taxpayers who don’t live or have a business in Boulder County but whose tax records

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Looking for a 2022 safety net for your business? Act on EIDL funding before year end

As the new year approaches, the future of the Build Back Better Act (BBBA) — and the strength of the economic recovery — remains uncertain. One thing that’s not uncertain when it comes to your business is the impending deadline to apply for COVID-19 Economic Injury Disaster Loan (EIDL) funding, some of which needn’t be

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