Question

Identify two specific expenses which are disallowed under 26 U.S. Code §162 (IRC §162) due to public policy concerns. Think of yourself as a business owner who is operating a firm either domestically or on an international scale. As a business owner, would you agree that the expenses should be disallowed under the code?

Answer 1

Introduction

Section 13222 of the Omnibus Budget Reconciliation Act of 1993 (OBRA 1993), 107 Stat. 477, which eliminated the deduction under IRC 162 for lobbying expenses, will have a significant impact on many exempt organizations recognized exempt under IRC 501(c)(4), (5), or (6). In addition to eliminating the business deduction for direct lobbying, OBRA 1993 eliminated the business deduction for dues to an exempt organization that are used for lobbying.

(a)In general There shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including—

(1)

A reasonable allowance for salaries or other compensation for personal services actually rendered;

(2)

Traveling expenses (including amounts expended for meals and lodging other than amounts which are lavish or extravagant under the circumstances) while away from home in the pursuit of a trade or business; and

(3)

rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or in which he has no equity.

No matter how rewarding your full-time job may be, there’s one thing that’s even more meaningful than great pay and solid benefits:

Choosing the path of entrepreneurship is without a doubt riskier than being content with holding a 9-5 job, and requires way more sacrifice. However, once you’re reaping the lifestyle benefits of being your own boss and hustling your way into making significantly more money than you ever could at your day job, the hard work will have all been worth it.

The question I’m asked the most (by far) when I meet and speak with fellow entrepreneurs is, “How do I know which business I should start?” This one is always quickly followed by, “How do I start it while I’m still working my full-time job

On an international scale

International Scale (IS) PCR testing is something that is becoming a reality all around the world. In the United States, however, across the board standardization has been slow to take hold. International Scale PCR testing is important because it standardizes quantitative BCR-ABL measurements across tests and laboratories, allowing multiple laboratory studies, patient portability, and a harmonized definition of treatment response