Money Talks: The Blog of Morris+D'Angelo
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21 Mar
Bailouts, Banking industry, Deposit insurance, Financial crisis, Investors, Liquidity, Moral hazard, Policy makers, Prudent, Regulators, Risk management, Signature Bank, Stability, SVB, Taxpayers

Taxpayers at Risk: The Cost of Bailouts in the Banking Industry

The recent collapse of Silicon Valley Bank (SVB) and Signature Bank has raised concerns about the impact of bank failures on taxpayers. When banks fail, there is a ... more
14 Mar
Asset Allocation, Comprehensive Financial Plan, Diversification, Financial Future, Financial Health, Financial Success Luck, Long Term Stability, Planning And Strategy, Risk Management Strategies, Risky Ventures

Luck Alone Cannot Guarantee Financial Success: A Lesson from St. Patrick's Day

This is a story about Erin, a young woman who aspired to achieve financial success. Like many, she believed luck to be the sole key to success. Erin chased luck for ... more
7 Mar
BrailleBusinessCards, BusinessCardsMatter, CommunicatingValues, ContentMatters, DEICommitment, DesignMatters, Diversity, Equity, FirstImpressionsCount, InclusiveCommunication, Inclusivity, Individualism, MeetingPeopleWhereTheyAre, NonVerbalCommunication, SmallGestures

Your Business Card Speaks Volumes About You and Your Company Without Saying a Word

As someone who plays a reasonable amount of poker, I've learned that reading people is an art. The same principle applies to the business world, where how we ... more
28 Feb
Antique Collector, Antique Issue, Antique Tractors, Business Purpose, Business Purpose Position, Farm Tractors, Simon and Liddle

Tractors, Antique or Not, Are Deductible

I'm almost certain that like myself you have some friends or acquaintances that have embraced the "Getting Back to Basics" lifestyle during the past couple of years ... more
21 Feb
American Psychiatric Association, APA, Emotional Support, Health and Safety, Isolation, Loneliness, Mental Health, Remote W, Remote Working, Remote Working Concerns, Stress Levels, Vulnerability

Mental Health and Remote Working Concerns

Good or Bad, Better or Worse, these Covid-19 impacted years have crystalized an experiential evolution in the modern workplace… Remote Working! And, I am ... more
14 Feb
Group Health Insurance, Group Insurance, Health Benefits, Health Insurance, Owner-Employees, S Corporation, Shareholder-Employee

An Update: 2023 Health Insurance for S-Corporation Owners

If you operate your business as an S-Corporation, you will continue to enjoy good news in 2023 regarding your health insurance. In this article, we give you the ... more
7 Feb
DEI, Diversity, Diversity Equity and Inclusion, Dominant Culture, Gaslighting, Human Resources, Inclusion, Marginalized Groups, People of Color, POC, Privilege, Psychological Manipulation, Underrepresented

Allyship: How to Become a Better Ally

Over the past couple of years, I’ve been all too aware of the evolution of meaningful discussions about an uncomfortable topic for some of us: The Dominant ... more
31 Jan
California, Cancellation of Debt, Debt Forgiveness, Foreclosure, IRS Form 982, Morgan Stanley, Mortgage Forgiveness Act, Non-Recourse Loan, North Carolina, Oregon, Recourse Home Loans, Recourse Loans, Short Sales, Struggling Homeowners, Washington

Tax Consequences of a Short Sale of Your Principal Residence

The real estate boom appears to be over for now. Morgan Stanley predicts that house prices could fall by 10 percent by the end of 2024, or perhaps twice as much ... more
24 Jan
Appreciated Real Estate, Cost Segregation, Cost Segregation Study, Deductions, Depreciation Rules, Real Estate Portfolio, Rental Property, Residential Real Estate, Sales Proceeds, Section 1031, Taxable Gains

Section 1031: Don’t Miss This Depreciation Election

As you likely remember, the Section 1031 exchange allows you to sell a piece of appreciated real estate and defer all the taxes as long as you invest the entire ... more
17 Jan
Airbnb Rental, Airbnb Rental Income, CCA, Chief Counsel Advice, Fact Pattern No. 1, Fact Pattern No. 2, Section 1402(a)(1), Self-Employment Tax

Do You Owe Self-Employment Tax on Airbnb Rental Income?

In Chief Counsel Advice (CCA) 202151005, the IRS opined on this issue. But before we get to what the IRS said, understand that the CCA’s (Central Collection ... more
10 Jan
Automatic Payments, Best Practices, Credit Bureaus, Credit Card, Credit Card Balances, Credit Card Management, Credit Management, Credit Reports, Equifax, Experian, Home Loan Mortgage, TransUnion, Unsolicited Credit Offers

Best Practices: What You Can Do with Your Annual Credit Management

It’s the new Year, and now is a great time for you to review your credit. Here are six (6) ways we suggest so that you might be able to do better in the coming ... more
3 Jan
Brokerage Account, In-Kind RMD, IRA, Long Term Capital Gains, Required Minimum Distribution, Retirement Account, Retirement Account Assets, RMD, SEP-IRA

Use In-Kind RMDs to Avoid Selling Your Retirement Account Assets

The stock market isn't doing so great these days. While a number of factors have played a role in this year's bear market (2022), skyrocketing inflation — the ... more
27 Dec
Audit Rates, Business Partnerships, Cryptocurrency, Inflation Reduction Act, IRS, IRS Tax Assistance Center, Offshore Accounts, S Corporation, S Corporation Compensation, Syndicated Conservation Easements, Yellen

$80 Billion to the IRS: What It Means for You

For the business owner and tax practitioner, the most important part of the Inflation Reduction Act of 2022 was not the tax credit for flashy new electric ... more
20 Dec
Crowdfunding, Crowdfunding Campaigns, Debt-Based Crowdfunding, Donation-Based Crowdfunding, Donations, Education Costs, GoFundMe, Indiegogo, IRS Form 709, Kickstarter, P2P, PayPal, Peer-to-Peer, Solicit Donations, TPSOs

Crowdfunding: Is It Taxable?

Crowdfunding is the process of asking members of the general public for small amounts of money through any one of hundreds of crowdfunding websites. Crowdfunding ... more
6 Dec
401(k) Plan Deduction, 401(k) Plans, Automatic Contributions, Contribution Plans, IRS Form 8881, Retirement Plan, S Corporation, Start-Up Tax Credit, The SECURE Act, Year-End Retirement Deductions

2022 Last-Minute Year-End Retirement Deductions

The end of the year is near, so this week I'll speak to your Year-End Retirement Deductions since your retirement is one year closer as your clock continues to ... more
29 Nov
2022 Year-End Tax Strategies, Alimony, Alimony Payments, Divorce, Employer-Parent, Family Tax Strategies, Form 1040 Schedule C, Increase Mortgage Deductions, Married Couple, Mortgage Interest, Schedule C, Spousal Partnership, Tax Cuts and Jobs Act, TCJA, W-2 Wages, Year-End Tax Strategies

2022 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family

If you have children under the age of 18 and you file your business tax return as a proprietorship or partnership, you can find big savings in the work your ... more
22 Nov
2022 Tax Deductions, 2022 Vehicle Purchases, Bonus Depreciation, Cargo Van, Electric Vehicles, Gross Vehicle Weight Rating), GVWR, Hybrid Electric Vehicle, Minivan, Passenger Van, Section 179, Short Bed Truck, Tax Cuts and Jobs Act, TCJA, Vehicle Deduction, Vehicle Purchases

2022 Last-Minute Vehicle Purchases to Save on Taxes

Do you need a replacement business car, SUV, van, or pickup truck? Do you need tax deductions this year? Do you need a tax credit to offset what you owe to the ... more
15 Nov
2022 Federal Tax, General Business, IRS, IRS Safe Harbor, QIP, Qualified Improvement Property, Tax Cuts and Jobs Act, Tax Deductions, TCJA, Year-End General Business Income Tax Deductions, Year-End Tax Deductions

2022 Last-Minute Year-End General Business Income Tax Deductions

The purpose of this article is to get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money—although, in the right ... more
8 Nov
Alternative Energy, Battery Storage, Biogas, Business Energy Investment Tax Credit, Domestic Content Bonus, Energy Community Bonus, Fuel Cells, Geothermal, Inflation Reduction Act, Investment Tax Credit, Low-Income Community Bonus, Microgrid Controllers, Microturbines, Renewable Energy, Solar Panels, Tax Credit, Waste Energy Recovery

New Law Improves Energy Tax Benefits for Biz Owners and Landlords

The newly enacted Inflation Reduction Act contains tax credits and depreciation benefits for owners of commercial property and residential rental properties. ... more
1 Nov
Artwork, Autographed Baseballs, Autographs, Baseball Card Collection, Baseball Cards, Depreciable Property, Memorabilia, Office Decorations, Office Ornamentation, Recovery Property, Signed Jerseys, Simon v Commissioner, Sports Memorabilia, Sports Photographs

Baseball Cards and Memorabilia as Office Decorations

With the United States baseball championship well underway in this year's 2022 World Series, I received an interesting question about Sports Memorabilia (Baseball ... more
25 Oct
Business Taxpayers, Clean Vehicle Credit, Domestic Assembly Requirement, Domestic Sourcing Requirements, Electric Vehicle Batteries, Electric Vehicle Price Caps, Electric Vehicles, EV, Inflation Reduction Act, Personal Use Electric Vehicles

Buying an Electric Vehicle? Know These Tax Law Changes

Are you thinking of buying an electric vehicle or a plug-in hybrid? And are you looking to benefit from the $7,500 tax credit? If so, you have much to ... more
18 Oct
Business Credit, Business-Use Electric Vehicles, Clean Vehicle Tax Credit, Commercial Clean Vehicle Credit, Depreciable Property Requirement, Electric Business Vehicle, Electric Vehicles, Inflation Reduction Act, New Cost Limits:, New Income Limit:, Personal Use Electric Vehicles

New Law: Business Tax Credits for Your Electric Vehicle Purchases

Three things to know about this new law: The existing electric vehicle tax credit that applied to both business and personal vehicles remains unchanged from ... more
9 Oct
California Civil Rights Department, California Employers, CRD, EEOC, Equal Employment Opportunity Commission, Hiring Process, Job Postings, Racial Pay Gaps, Salary History, Salary Ranges, SB 1162, Senate Bill 1162, Transparency Requirements, Wage Transparency

Part 2: California’s Pay Transparency Act (SB 1162) – Are You Ready?

Last week I reported that more pay transparency was coming to California. The Golden State is joining New York City, Colorado, and Washington in requiring employers ... more
3 Oct
California Civil Rights Department, California Employers, CRD, EEOC, Equal Employment Opportunity Commission, Hiring Process, Job Postings, Racial Pay Gaps, Salary History, Salary Ranges, SB 1162, Senate Bill 1162, Transparency Requirements, Wage Transparency

Part I: California's New Law Requires Companies Post Salary Ranges on Job Listings

California just signed into legislation (09.27.22, Senate Bill 1162) that will require all employers based or hiring in the state to post salary ranges on all job ... more
27 Sep
Business Entity, C Corporations, Cap Table, Cap Table Management, Capitalization Table, Financial Technology, FinTech, Investors, Limited Liability Companies, Pass-Through Entities, S Corporations, Venture Capital, Venture Capital Financing, Venture Capital Firms

Thinking About Venture Capital Financing for Your Company… Start with this…

Depending on where you’re sitting, you may have heard conflicting market rumblings suggesting that the ongoing economic (Venture Capital) scene is making it ... more
19 Sep
Bank Secrecy Act, BSA, CFTC, Commodity Futures Trading Commission, Crypto, Crypto Consumers, Cryptocurrencies, Digital Assets, Digital Currency, Federal Trade Commission, FTC, Money Laundering, Protections and Trade Commission, Regulate Crypto, SEC, Security and Exchange Commission

The White House Wants to Regulate Crypto

Last Friday (09.16.22) the Biden administration presented a framework for regulating cryptocurrencies and other digital assets. This action denotes the first time ... more
13 Sep
Non-Resident PTE Owners, Owner Exclusion, Owner Tax Credit, Pass-Through Entity, Pass-Through Entity Taxes, PTE, PTE Tax, S Corporation, Tax Cuts and Jobs Act, TCJA

Defeat the $10,000 SALT Cap with the PTE Tax (Part 2)

As I explained in Part 1 last week, a majority of states now allow pass-through entity (PTE) owners to get around the federal $10,000 state and local tax (SALT) ... more
6 Sep
Owner Exclusion, Owner Tax Credit, Pass-Through Entity, PTE, PTE Tax, Tax Cuts and Jobs Act, TCJA

Defeat the $10,000 SALT Cap with the PTE Tax (Part 1)

Maybe the least popular change brought about by the Tax Cuts and Jobs Act (TCJA) was a first-ever cap on the federal personal income tax deduction for state and ... more
30 Aug
Equitable Owner, Equitable Ownership, Home-Sale Exclusion, Legal Owner, Mortgage Interest, Mortgage Interest Deduction

Claiming Your $250,000 Exclusion When Your Name Is Not on the Deed

In last April's article (2022) "Deducting Mortgage Interest When Your Name Is Not on the Deed", you learned how such a Mortgage Interest Deduction is possible. ... more
23 Aug
Deflation, Inflation, Series I Bonds, Tax-Deferred, Treasury Department, Treasury Direct

Act Now: Earn 9.62 Percent Tax-Deferred

From now (today) through October 2022, you can buy Series I Bonds that pay 9.62 percent interest. And you receive that rate for six months from the time of purcha... more
16 Aug
Employee Retention Credit, Employees, ERC, ERC Qualifications, Government Order, Gross Receipts, Hours of Operation, Nominal Portion, Safe Harbor

Act Now: Claim Your 2020 and 2021 Employee Retention Credit (ERC)

During much of 2020 and 2021, you may have qualified for the Employee Retention Credit (ERC). With the ERC, you found (or could find) tax credits of up to ... more
9 Aug
Deductible Contribution, Great Resignation, IRA Contributions, Non-Deductible Contribution, Non-Working Spouse, Self-Employed, Self-Employment, Spousal IRA Contributions, Spousal IRAs, Tax-Defined Earned Income, Tax-Favored Retirement Plan

Spousal IRAs: What You Need to Know

Last week we presented a "Quick and Dirty Guide to Tax Issues and Savings" if you decided to join the ranks of the Self-Employed or maybe you're still considering ... more
2 Aug
QBI, Qualified Business Income, Self-Employment, Self-Employment Tax, Social Security Tax, Tax Advantages, Tax Cuts and Jobs Act, TCJA

Self-Employment: Quick and Dirty Guide to Tax Issues and Savings

If you're considering joining the Great Resignation and becoming self-employed to be in charge of yourself, pay attention. Before leaping, here are some things to ... more
26 Jul
ACA, Affordable Care Act, C Corporation, Corporate Tax, Corporate Tax Deductions, Form 1120, Health Insurance, Health Reimbursement Account, Owner-Employee, Tax Deductions

Best Health Deduction for Solo Owner-Employee of a C Corporation

Question I have a friend who is the sole employee of his C corporation. Can he continue having his C corporation reimburse him for his health insurance payments? ... more
19 Jul
General Partners, General Partnership, Limited Liability Companies, Limited Partners, Limited Partnership, LLC Members, LLCs, Manager-Managed LLC, Member-Managed LLC, Partnerships, Reasonable Compensation, Shareholders, Sole Proprietorship

When Partners and LLC Members Don’t Pay Self-Employment Taxes

Millions of American businesses legally organize themselves as limited liability companies (LLCs), partnerships, or similar entities. Do their owners have to pay ... more
12 Jul
Business Mileage, Business Mileage Rule, Business Miles, Business Stop, Commuting Mileage, Deductible Mileage, Mileage Log, Mileage Rate, Tax Deductions

How Will You Deal with the New 62.5 Cents Mileage Rate?

Well, the IRS woke up and noticed that average gas prices across the United States now exceeded $5.00 a gallon and took action that might help you a bit. Small ... more
7 Jul
Business Expense, Business Gift Rules, Business Gifts, Starbucks Gift Cards

Starbucks Gift Cards for Business Promotion

Question To stay in touch and promote my business, I buy dozens and dozens of Starbucks $5 gift cards and send them monthly to my prospects and referral sources. ... more
21 Jun
Come-Clean Program, Form 8952, Misclassified Workers, VCSP, Voluntary Classification Settlement Program, W-2 Employees

Change Independent Contractors into Employees Trouble-Free

You've read horror stories about how the IRS audits business owners and deems their 1099 independent contractors W-2 employees—and then assesses tens (or hundre... more
14 Jun
Business Mileage, Business Mileage Rule, Business Miles, Business Stop, Commuting Mileage, Deductible Mileage, Mileage Log, Tax Deductions

Increase Your Tax Deductions Using the Business-Mileage Rule

Request Please clarify how to properly record commuting mileage, especially if you do other trips before and after stopping at your regular office. Respo... more
7 Jun
Binance, Bitcoins, Crypto Gift, Cryptocurrency, Cryptography, Cryptos, Dogecoin, Ethereum, Fiat Currency, Fiat Money, Form 1040, Hard Fork, LiteCoin, Taxable Income, Tether, Virtual Currency

The IRS Wants to Know about Your Crypto

The IRS really wants to know about your Bitcoins and other Cryptos. It starts at the top of the first page of your Form 1040, where you find the following ... more