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If you run a business “on the side” and derive most of your income from another source (whether from another business you own, employment or investments), you may face a peculiar risk: Under certain circumstances, this on-the-side business might not be a business at all in the eyes of the IRS. It may be a hobby. The hobby loss rules Generally, a taxpayer can deduct losses from profit-motivated activities, either...

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March 23, 2017

Like many businesses, yours may allow retirement plan participants to take out loans from their accounts. Such loans are governed by many IRS and Department of Labor (DOL) rules and regulations. So if your company offers plan loans, your plan document must comply with current laws — including setting a “reasonable” interest rate. Agency perspectives Neither the IRS nor DOL provides a set percentage for plan sponsors to use. Yet...

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March 23, 2017