General News

Accountable Plans for Employee Reimbursement

Create an Accountable Plan to Reimburse Employees for Business Expenses Did you know that the Tax Cuts and Jobs Act (TCJA) eliminated itemized deductions for employees who incur unreimbursed expenses for company business for 2018 through 2025? Fortunately, you can set up a so-called “accountable plan” to minimize the adverse effects of this TCJA provision….

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Employees can Defer Income from Equity-Based Pay

Tax Law Allows Employees to Defer Income from Equity-Based Pay Equity-based compensation can be a great way to reward and retain valued employees, especially for companies with limited cash on hand. And the Tax Cuts and Jobs Act (TCJA) makes it even more advantageous by offering a new tax-favored alternative to employees who receive these…

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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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