General News

Rules for Business Gifts to Customers

What Are the Rules for Business Gifts to Customers? If your business gives gifts to customers, clients or other contacts during the holiday season, you may be able to deduct all or part of the cost. But there are strict tax-law limits to your generosity. In general, the deduction for these types of business gifts…

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IRS Guidance for Parking Expenses for Qualified Transportation Fringes

IRS Guidance for Parking Expenses for Qualified Transportation Fringes By Tracy Haines, CPA Under the Tax Cuts and Jobs Act of 2017, the law regarding the deduction for qualified transportation fringe (QTF) benefits by employers or tax-exempt organizations was changed. Specifically, under the new law, Section 274(a)(4) generally disallows a deduction for expenses related to…

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Tax Cheer for Holiday Gifts to Employees

Tax Cheer for Holiday Gifts to Employees With the holidays fast approaching, you might want to reward your employees for all their hard work in 2018. Gift-giving ideas include gift cards, holiday turkeys and achievement awards. Although your intent may be essentially the same in all these situations, the tax outcome for recipients of your…

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DOL Pitches Auto-Portability Program to Preserve Retirement Savings

DOL Pitches Auto-Portability Program to Preserve Retirement Savings The U.S. Department of Labor (DOL) is advancing a proposal that would enable 401(k) plan sponsors to automatically transfer account balances up to $5,000 of former participants who have left the company. The amounts would be transferred to the 401(k) plan of an employee’s new employer. Assets…

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Overview of Real Estate Depreciation Changes

Overview of Real Estate Depreciation Changes The Tax Cuts and Jobs Act (TCJA) included several favorable changes to the federal income tax depreciation rules for real estate. However, one intended change didn’t make it into the statutory language, and there are some potential pitfalls to avoid. Here’s what real estate investors need to know. Bonus…

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