by Pierre Philantrope | Aug 10, 2022 | Tax Tip
In Pediatric Impressions Home Health, Inc. v. Commissioner (T.C. Memo. 2022-35), the Tax Court held, on April 12, 2022, that a corporation engaged in the business of providing at-home private duty nursing services to children with special needs misclassified...
by Pierre Philantrope | Aug 3, 2022 | Tax Tip
If you own an unincorporated business, you likely pay at least three different federal taxes. In addition to federal income taxes, you must pay Social Security and Medicare taxes, also called the self-employment tax. Self-employment taxes are not insubstantial....
by Pierre Philantrope | Jul 27, 2022 | Tax Tip
Does a member of a limited liability company (LLC) or a partner in a partnership have to pay self-employment taxes (Social Security and Medicare tax) on the member’s or partner’s share of the entity’s income? The answer is not always clear. If you are a general...
by Pierre Philantrope | Jul 20, 2022 | Tax Tip
Do you own a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust? Or are you planning to form one of these entities? If so, be alert! There is a new federal filing...
by Pierre Philantrope | Jul 13, 2022 | Tax Tip
There is much to learn for the new business owner from Gregg M. Kellett’s court experience (Gregg M. Kellett, T.C. Memo. 2022-62). In 2013, while working for the Bloomberg Industry Group, Kellett purchased the vizala.com domain name and formed Vizala, LLC of which he...
by Pierre Philantrope | Jul 6, 2022 | Tax Tip
Cryptocurrency such as bitcoin is all the rage these days. Crypto is not legal money. It is property, similar to gold. Like gold, its use can result in taxable income. The IRS is concerned that you and millions of Americans are using crypto without paying tax on the...
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