General News

Deducting Meals Bought During Entertainment

IRS Issues Guidance Deducting Meals Bought During Entertainment The IRS recently provided transitional guidance about the deductibility of expenses for business meals that are purchased in an entertainment context. (IRS Notice 2018-76). The Basics Businesses can deduct ordinary and necessary expenses paid or incurred during the tax year in carrying on a trade or business….

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Family and Medical Leave Employer Tax Credit

Claiming the New Employer Tax Credit for Family and Medical Leave The Tax Cuts and Jobs Act (TCJA) establishes a new federal income tax credit for employers that provide qualifying paid family and medical leave benefits to their employees. This credit is only available for two employer tax years — those beginning between January 1,…

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Tax Reform: Temporary vs. Permanent?

Tax Reform: Which Changes Are Temporary vs. Permanent? The Tax Cuts and Jobs Act (TCJA) includes a bevy of important tax changes for individuals and businesses. However, it’s sometimes hard to keep track of which changes are permanent and which are scheduled to expire at the end of 2025 — unless Congress extends them. Here’s…

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IRS Issues Proposed Guidance on Controversial SALT Limitation

In recent weeks, the IRS has issued a series of proposed regulations to help clarify provisions of the Tax Cuts and Jobs Act (TCJA). One of the most controversial parts of the law is the limit on individuals’ deductions for state and local taxes (SALT) that goes into effect this year. In the wake of…

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Wage Limitations on the QBI Deduction

Calculating W-2 Wages for Limitations on the QBI Deduction Recently proposed IRS regulations on the new deduction for qualified business income (QBI) provide guidance on how to compute limitations on the deduction based on W-2 wages. As you’ve probably heard, the QBI deduction is complicated, and numerous rules and restrictions apply. Important note: While new…

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