FACTS CPA

10/12/2026

Small business owners — join us for a relaxed evening of networking, drinks, and lite bites with BNI Amplified.

I’ll also be sharing a short, practical presentation on how to start using AI in your small business — what works, where it can save time, and how to make it useful without overcomplicating things.

📅 Wednesday, October 14 at 5:45 PM
📍 576 Broad Hollow Road, Melville, NY 11747

Come meet other local professionals, build new connections, and leave with a few ideas you can put to work right away.

Message me if you’d like to attend.

10/01/2026

Pop Quiz! 💡

If you caught yesterday's post, you saw how a group of U.S. expats tried to use international tax treaties to stop the IRS from double-taxing their foreign asset sales.

The IRS fought back and won in federal court! How did the government successfully block taxpayers from using foreign tax credits against the 3.8% Net Investment Income Tax (NIIT)?

A) They proved the taxpayers weren't actually living abroad

B) The NIIT is placed outside Chapter 1 in the Tax Code (a Table of Contents technicality!)

C) International tax treaties expire after 10 years

D) The taxpayers forgot to submit Form 1116

Drop your best guess in the comments! 👇

09/30/2026

Living the expat dream in France or Canada? Watch out the IRS just pulled off a absolute masterclass in bureaucratic technicalities.

When a few U.S. expats tried to use international tax treaties to avoid getting taxed twice on foreign asset sales, the IRS fought back by pointing to where the law sits in the tax code's Table of Contents. 🤯

Read the full breakdown of "The Double Tax Trap" in the article below! 👇

Living the expat dream sounds fantastic, sipping espresso at a café in Paris, or enjoying the crisp air of the...

09/29/2026

Your Living Room Couch is Not an "Executive Boardroom" Tax Deduction. 🛋️💼

Running your business from your laptop while sitting on your living room couch doesn't mean your entire rent and utility bill are suddenly tax write offs.

To claim the home office deduction, that space must be used exclusively and regularly for conducting business. If your pet sleeps on that exact same spot or you're streaming movies there on Friday night, the IRS disqualifies it in a heartbeat.

Carve out a dedicated, single purpose workspace in your home, measure its square footage accurately, and only claim what you're legally entitled to.

09/25/2026

Pop Quiz! 💡

If you caught the article we posted yesterday, you know that a dot-com billionaire recently tried to pull off the ultimate lowball with the IRS.

After using a sham tax shelter and racking up a massive $140 million tax debt, he submitted an Offer in Compromise to try and settle the bill.

How much did he actually offer the IRS to wipe away his $140 million debt?
A) $70 Million (Half off)
B) $14 Million (10 cents on the dollar)
C) $5.9 Million (What the IRS calculated he could afford)
D) $1.5 Million (A 99% discount!)

Drop your best guess in the comments! 👇

09/24/2026

Imagine trying to get a 99% discount on your taxes. 😅

When a tech founder sold his company for $3.5 billion and racked up a $140 million tax bill, he decided to test his negotiation skills with a $1.5 million settlement offer. Turns out, the IRS doesn't do Clearance Rack sales.

Read the full story below!👇
https://factscpa.com/the-140-million-tax-debt-and-the-ultimate-lowball-offer/

09/22/2026

Your LLC is a Business, Not a Personal Piggy Bank. 🐷💳

"Accidentally" swiping your business debit card for your weekend groceries or a personal Netflix subscription can actually destroy your business's legal protection.

If you treat your business account like a personal wallet and ever face a lawsuit or an IRS audit, the courts can bypass your LLC and hold you personally liable.

The fix is to keep a concrete wall between personal and business finances. If you need cash, take a proper owner's draw or distribution. When in doubt, leave the business card in your desk!

09/17/2026

Pop Quiz! 🏎️📋
Yesterdays article broke down the story of an influencer who spent thousands catching passes from NFL legends and trying to write it all off as "content creation."

While the Tax Court completely shut down his celebrity deductions, they did allow him to write off 80% of his luxury vehicle expenses. What key piece of evidence saved his car deductions?

A) He wrapped the vehicle with his business logo
B) He kept meticulous carbon-copy trip vouchers for every drive
C) He only drove A-list celebrities
D) He registered the vehicle as an official city taxi

Drop your best guess in the comments below! 👇

09/16/2026

Catching a pass from an NFL quarterback is an unforgettable memory. Trying to deduct it as a "marketing expense" is a tax nightmare.

A self-described influencer spent six figures paying for bucket-list celebrity encounters, award show tickets, and sports experiences—then tried to write them all off on his taxes. The Tax Court was NOT impressed.

Before you try to claim your next big event or trip as "content creation," see where the IRS actually draws the line between personal status and a legitimate business deduction.

👇 Read the full story on our blog:

A self-described social media influencer recently learned the hard way that the Tax Court doesn’t care how many celebrities you’ve...

09/16/2026

No, Your Dog is Not a "Security System" Tax Deduction. 🐕🚫

We love creative tax planning, but writing off your Golden Retriever as a business expense is usually where the IRS draws the line.

To be deductible, a business expense must be both ordinary (common in your industry) and necessary (helpful and appropriate for your trade).

Unless you are running a legitimate K-9 security firm or an agriculture business, Fido's kibble is a personal expense. The same rule applies to calling your family trip to Disney World a "board meeting."

Keep your deductions strictly related to producing business income. When in doubt, ask your CPA before you swipe the company card!