As accountants, we often get asked, “So what are you seeing in this….” And “this” can range from all type of items; all forms of taxes, the markets, business expansion, etc. The list is endless in what we get asked! One of those areas I get asked about is trends within 401(k) Plans. As a…

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Millions of people have hobbies, but when your favorite hobby starts to turn a profit, the IRS may consider it a business. What is the difference? The IRS defines a hobby as any activity not pursued for profit, whereas a business is defined as any activity done with the reasonable expectation of earning a profit. It is important for taxpayers to…

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