Case Study: Can You Deduct Loans Gone Bad?

GJMCPAAdmin1

The IRS is always skeptical when individual taxpayers claim deductions for bad debt losses. Why? Losses from purported loan transactions often fail to meet the tax-law requirements for bad debt loss deductions. For example, a taxpayer might try to write…

Read More

Lessons from Tax Court: Bad Records, Bad Outcomes

GJMCPAAdmin1

Federal tax law allows deductions for many items, such as legitimate business expenses and charitable donations. But, if you claim deductions on your tax return, you also must maintain adequate records to support them. If your tax return is audited,…

Read More

Can MBA Costs Be Deductible?

GJMCPAAdmin1

As an employee or self-employed individual, can you deduct the cost of getting a Masters in Business Administration (MBA) degree? Good question. The answer usually depends on whether the degree maintains or improves skills needed in your current business or…

Read More

Last Minute Hurricane Prep Tips & Myths

GJMCPAAdmin1

As Florida and the greater Tampa Bay area prepares for the potential impact of Hurricane Irma this weekend, we thought we’d break from our regular tax related topics and share some quick tips on what hurricane preparation steps actually work…

Read More

Seven Strategies for Better Results With Employees

GJMCPAAdmin1

Successful managers and supervisors know how and when to be assertive. They communicate their needs in a way that earns them respect and gets results. Let’s say you need a budgeting project done by Friday. Here are seven strategies to…

Read More

Lesson from Tax Court: Don’t Trap Yourself!

GJMCPAAdmin1

Are you considering buying or selling a business? The IRS is often interested in the details of these transactions and by scrutinizing them, may find that sellers aren’t reporting all income. If you’re selling, make sure your books are in…

Read More

Surviving Florida’s Rainy Season

GJMCPAAdmin1

As we mentioned last week, we all know that hurricane preparedness is crucial for your business, but there are also home maintenance tasks and preventive measures for keeping you and your home protected during the Tampa area’s season of relentless…

Read More

Find the Silver Lining in Dark Clouds

GJMCPAAdmin1

We’re in the midst of hurricane season in Tampa, but the gulf, eastern and southern shores aren’t the only parts of the country at risk for catastrophic events. Mudslides, earthquakes and wildfires often plague the West Coast, tornadoes may touch…

Read More

Don’t Have Any Plans for Memorial Day? Now Your Do!

GJMCPAAdmin1

The Greater Tampa Bay Area will soon be hosting Memorial Day activities and celebrating the launch of summer.There are many local happenings and outdoor activities to enjoy before Florida’s dreaded rainy season. Here’s a sampling of upcoming events throughout our…

Read More

Business Interruption Claims Require Professional Help

GJMCPAAdmin1

Smart company owners and executives obtain business interruption insurance — and possibly contingent business income coverage if the operation relies heavily on outsourcing or a particular supplier. The idea is that the policy will compensate the company for lost earnings…

Read More