Hobby or Business? Why the Difference Matters for Your Taxes

Earning income from a personal interest raises a key tax question: Is it a hobby or a business? This distinction is important because different tax rules apply. All income must be reported, but expenses and losses are deductible only if the activity qualifies as a business. If it’s considered a hobby, you can’t deduct related […]

Unlock the full potential of QuickBooks software

Many small and midsize businesses rely on QuickBooks® for day-to-day bookkeeping. But the platform also offers tools designed to improve efficiency and strengthen financial oversight. In recent years, QuickBooks has expanded its automation, reporting and integration capabilities, making it even more useful for growing businesses. Tapping into these capabilities can help you get more value […]

IRS Reinstates Private Letter Rulings for Key Corporate Tax Issues

In May 2026, the IRS reinstated a previously discarded policy that allows taxpayers to request private letter rulings (PLRs) from the IRS, but only for “significant issues” arising in corporate transactions. In the past, the IRS would, when requested, review entire proposed transactions. This could be time consuming and costly. Now, the agency will issue […]