Bill Zumwalt's (teamzumwalt) Blog

The IRS allows you to have two employee gatherings each year. One can be a summer party and another a Holiday party. These parties will have 100% deductible meals as well. Please note that the key word here is Employee. So the normal scenario for a realtor would be to have as holiday party and th...

I received an e-mail form the IRS with regard to the return to work and the problems they face due to the shutdown of their offices.  It says as follows: “At this point, we know we received a large amount of correspondence during the closure. We know there will be a substantial increase in demand...

Normally, food and entertainment provided in your home as a part of a business discussion are only 50% deductible, as with the general rule for entertainment deductions. However, food served at a seminar or sales presentation would be an exception to this rule. These entertainment expenses are 10...

It was reported that the companies that perform as independent contractors for the IRS have 700 employees that owe the IRS $5.4 MILLION !! And what’s even better is that of the 700 employees more than half are not eligible  to work for their employers on IRS business since they are not in an inst...

Will this ever stop? On Wednesday special agents of the Criminal Investigations unit arrested Kamal J. James , aka “Bro Messiah Aziz El and Crystal G. Hawkins, aka “Sis. Crystal Gabri El. They were charged with one count of Conspiracy to Defraud the US. Seems this pair had a company called Releas...

Back in 1621, a group of hardy Pilgrims sat down for a three-day festival of thanksgiving to celebrate surviving plague, starvation, cold, scurvy, Indian attack, and all the other obstacles that made life in the "new world" so delightful. They feasted on game birds, flint corn, venison, eels, she...

The IRS announced that the government shutdown will cause the filling of tax returns until February 4th, 2014. The normal date that the IRS would have accepted returns was January 21st 2014. This past closure came during a peak time period when the IRS is finalizing the programs for the coming ye...

Last month Bank of America was found liable for fraud on defective mortgages sold by its Countrywide mortgage company. After a four week trial in Manhattan, it was determined that Countrywide originated shoddy home loans in a process called High Speed Swim Lane or  “Hustle” and then sold the loan...

Law reviews are scholarly journals focusing on legal issues, usually edited by students at a particular school. America's law schools currently crank out hundreds of different reviews, which means there aren't a lot of topics that haven't already been covered. (Chief Justice John Roberts once sai...

It’s Sunday morning and the clocks have been set back for daylight saving time. I ‘m sitting  in my principal (home) office working on a year- end tax plan for one of my more successful agents when I realize that it is not only November but the new year is  less than 60 days away. I bet you have ...