364 plain-English guides on us tax, each one ending in what to do next.
Page 13 of 16, newest first.
The IRC 1060 purchase price allocation drives how much of a hotel you can expense in year one. Due diligence checklist and day-one structuring.
US TaxIf a hotel is managed by a third party, flagged under a major brand, or financed with a commercial mortgage.
US TaxA cost segregation study can reclassify 20-40% of a hotel's building cost into shorter-lived assets eligible for bonus depreciation.
US TaxMost hotel owners end up with more entities than they expected, and that is usually the correct outcome rather than a sign of overcomplication.
US TaxHotel franchise fees split into a 15-year Section 197 intangible, deductible royalties under IRC 162, and PIP costs classified by asset type.
US TaxHotel occupancy tax (also called transient lodging tax, hotel tax, room tax, or bed tax depending on where you operate) is a tax that state, county.
US TaxHotel payroll runs 30-45% of revenue and spans tip credits, FICA tip credit, overtime exemptions, seasonal FUTA rules, and banquet service charges.
US TaxProperty tax is typically the largest single fixed cost a hotel faces, surpassing insurance, franchise fees, and management fees in most markets.
US TaxMost hotel PIP dollars belong on 15-year QIP or 7-year FF&E schedules with 100% bonus depreciation; only structural work stays on 39 years.
US TaxHotel owners can deduct FF&E through bonus depreciation, OTA commissions as ordinary expenses, and most guest amenity costs.
US TaxClient money goes in a separate trust account, gets reconciled three ways every month, and earned fees come out promptly.
US TaxHow the IRS 20% accuracy-related penalty works under IRC 6662, when it applies, and the reasonable cause defense that can remove it.
US TaxWhen and how to request a Collection Due Process hearing from the IRS, the 30-day deadline, what you can challenge.
US TaxHow to respond to an IRS correspondence audit (CP2000, CP2501, letter 566). Most IRS audits are not the sit-down-with-an-agent kind.
US TaxHow to tell if an IRS audit is turning criminal. On one side: adjustments, penalties, and a payment plan.
US TaxEquitable relief is the third type of innocent spouse relief, and it is often the only option available.
US TaxWhen one spouse's tax problems create a joint liability, Form 8857 offers three types of innocent spouse relief.
US TaxThe difference between an IRS federal tax lien and an IRS levy. A lien and a levy are not the same thing, and confusing them leads to wrong decisions.
US TaxSince 2018, the IRS can certify a taxpayer's seriously delinquent tax debt to the State Department, which then denies passport applications.
US TaxIRS statutes of limitation for assessment and collection. The 3-year, 6-year, 10-year, and unlimited rules, plus the tolling events that extend each one.
US TaxWhen and how to use the IRS Taxpayer Advocate Service. It is not a shortcut, not an appeals process, and not a complaint hotline.
US TaxLaw firms write off 10-15% of recorded time before billing, then collect only 85-90% of what they bill.
US TaxThe chart of accounts must reflect all of this, or the financial statements will not tell the partners how the firm is actually performing.
US TaxIOLTA interest goes to the state bar foundation, not the lawyer or client. Before IOLTA, these funds sat in non-interest-bearing trust accounts.