Sharp Tax & Accounting Blog
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Minnesota IOLTA Accounts and Filing Fees: Where Should Client Cost Advances Go?
When a client pays legal fees and filing costs in the same transaction, it can be easy to treat the whole payment the same way. In Minnesota, that can be a mistake. Here’s how filing-fee advances should generally be handled and why they may belong in IOLTA even when the legal fee does not.
IOLTA vs. Operating Account: How Lawyers Should Handle Fixed Fees
Law firms that charge flat or fixed fees need to know when client payments belong in an IOLTA trust account and when they may be deposited into operating. Learn how state ethics rules, fee agreements, refundability, and when a fee is earned can affect the proper treatment of advance legal fees
Purported Social Media Influencer Deductions Denied: Business Expense or Personal Spending?
Can social media influencers deduct concerts, celebrity events, travel, and other lifestyle expenses? A recent Tax Court case shows why creating content around an expense does not automatically make it deductible—and why business purpose, timing, and documentation still matter.
Is Your Business Trip Tax Deductible? Understanding the IRS Business Travel Rules
Business travel deductions depend on more than where you went or what you spent. Learn how the IRS looks at tax home, business purpose, mixed business-and-personal trips, temporary assignments, spouse travel, and the records needed to support deductible travel expenses.
Business Meals & Entertainment Deductions in 2026: What Business Owners Need to Know
Business meals and entertainment expenses can receive very different tax treatment in 2026. Learn which expenses may be 100% deductible, 50% deductible, or not deductible at all and why proper documentation and bookkeeping matter.
Renting Property to a Family Member? Why Fair Market Rent Matters for Taxes
Renting property to a family member? Learn how fair market rent can affect the tax treatment of your rental and how to estimate a reasonable rental rate.