James Yu, CPA Board Member, Las Vegas Asian Chamber of Commerce As a long-serving Certified Public Accountant in Las Vegas, I’ve worked with businesses that are incredibly diversified. They have different levels of income, different types of expenses, some have dozens of employees, some just a handful, some have been in business for generations, some…
Barely three weeks after the start of this year’s tax filing season, the IRS had received 19 million tax returns, processed 16.8 million of them, and issued eight million refunds each averaging $1,963. The message – IRS Deputy Commissioner Kevin Moorehead told reporters on an Ethnic Media Services conference call last week – is file…
Trump signs COVID-19 relief bill U.S. Senate Majority Leader Mitch McConnell (R-KY) on Tuesday, Dec. 29 blocked the House bill that would have fulfilled President Donald Trump’s request to increase the coronavirus relief stimulus checks from $600 to $2,000, noting that senators will soon “begin a process” to address the issue. Trump signed Congress’ long-awaited…
THE classic “hobby loss” situation involves a professional or businessperson who starts Zumba classes, dog-breeding business or a farm. If the IRS determines that the Zumba, dog-breeding, or farm project is more for enjoyment rather than making money, it could be classified as a hobby. Losses from hobbies are not deductible. A sole proprietor who…
