A recent Tax Court case highlights the need for a paper trail when lending money to a family-owned business. Without it, nonpayment may not be deductible as a bad debt. Instead, the IRS may characterize it as a gift or a contribution to capital, both of which are nondeductible.
My newest book, Smooth Failing: Top industry leaders share their secrets for turning Pain into Profits, is available for my readers now. I’d love to hear your input on which edition you prefer - Living or Standard Edition. Learn more about them on my website and Amazon.
Many thanks for your daily votes and great comments — voting ends September 9!
