Intermingling personal and business finances may lead to disallowed deductions

According to the NSA, a House bill calls for an $838 million cut in 2016 from the 2015 budget of $10.9 billion, which is also $2.8 billion less than President Obama’s 2016 budget request. A Senate bill proposes a cut of $470 million.

The IRS recently reminded business that they have an obligation to report any cash payments in excess of $10,000 on Form 8300.

The Tax Court sided with the plaintiff in a recent case involving the rules surrounding the home office deduction. The deduction is allowed for the portion of a residence that is used exclusively and on a regular basis as the principal place of business for a taxpayer.