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Taxpayers who run up tax losses in a business must be prepared to prove that one of the material participation tests was passed to avoid having the losses characterized as a passive activity loss (PAL) that cannot be currently deducted. Adequate contemporaneous records that...

For individuals and businesses, social media can be a great boon — but it can also be destructive. You can’t control what a disgruntled customer might say about your business on social media. But what if one of your employees trashes your company online or reveals...