Business and Personal Use of Cellular Telephones

The Internal Revenue Service has recently been focusing their attentions on the taxation of business and personal use of cellular telephones to employees, resulting in additional taxable compensation to employees for income and payroll tax purposes. A summarized review of the substantiation requirements follows. Cell phones are identified by the…

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Economic Outlook

U.S. financial markets are responding to growing concerns over financial sector losses due to write-offs in the sub-prime lending business, as well as a growing concern of a general economic recession. Financial sector losses primarily stem from defaults in the sub-prime mortgage market. In a process called securitization, mortgages are…

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