FAQ About Meals & Entertainment Under The New Tax Law

Written by Robin Bodine, CPA & Sandra Nonnenmocher, CPA, MST

The Tax Cuts & Jobs Act had a significant impact on what businesses can deduct for meals and entertainment. Below are some of the common questions we receive from clients.

Read More

Tax Reform: Impact on Meals & Entertainment Deductions

Written by Robin Bodine, CPA & Sandra Nonnenmocher, CPA, MST

Although many individuals benefited from the tax reform, the Tax Cuts & Jobs Act placed stricter rules for meals and entertainment deductions.  Before the tax reform, businesses could potential deduct 50% of entertainment cost which included taking clients to sporting events and golf...

Read More

LB&I Rolls Out Additional Issue-Based Compliance Campaigns

The IRS Large Business and International (LB&I) Division has identified and selected six additional compliance campaigns. The IRS previously announced 13 campaigns on January 31, 2017, followed by an additional 11 on November 3, 2017, and five more on March 13, 2018. These campaigns help LB&I move in the direction of issue-based examinations....

Read More

IRS Outlines A New 5-Year Strategic Plan

The IRS has issued a new five-year strategic plan to guide its programs and operations and to help meet the changing needs of taxpayers and members of the tax community. "Providing service to taxpayers is a vital part of the IRS mission and the new Strategic Plan lays out a vision of ways to help improve our tax system," remarked IRS Acting...

Read More

Getting Married? 5 steps to make your tax return less stressful

Congratulations! You have tied the knot and cut the cake. Newlyweds have a lot to think about, and taxes might not be on the list. However, there is good reason for a new couple to consider how the nuptials may affect their tax situation.
Read More

How to Apply for a Second PA Withholding Tax Account

UPDATE:  On June 7, 2018, Pennsylvania issued additional guidance regarding the requirement to withhold tax from Recipients of non-employee compensation, business income and lease payments.  Taxpayers must provide REV-1832 to all Recipients of non-employee compensation, business income and lease payments.  Withholding will then be determined...

Read More

Reconciling Your Account: What you need to know

Reconciling your bank account is something every business should be doing. It allows you to catch very common errors and may even alert you to fraud. If you do not reconcile your accounts, then your financial records may be wrong and you may not be aware of recurring issues that need to be corrected. In this blog, we will discuss what it means...

Read More

The 6-Step Process of Selling a Business

Are you thinking about selling your business?

If you are preparing to sell your business or are currently in the process, it is important to understand the various components of the M&A process. In this blog, we will discuss the six major stages of selling your business.

Read More

House Lawmakers Examine Tax Extenders

The House Ways and Means Tax Policy Subcommittee held a hearing on March 14 in which lawmakers and stakeholders examined the future of various temporary tax extenders post-tax reform. Over 30 tax breaks, which included energy and fuel credits, among others, were retroactively extended for the 2017 tax year in the Bipartisan Budget Act ( P.L....

Read More

IRS Issues Guidance on Transition Tax Filing and Payment Requirements

The IRS has released Frequently Asked Questions (FAQs) to address a taxpayer’s filing obligations and payment requirements with respect to the Code Sec. 965 transition tax, enacted as part of the Tax Cuts and Jobs Creation Act ( P.L. 115-97). The instructions in the FAQs are for filing 2017 returns with an amount of Code Sec. 965 tax. Failure to...

Read More

RECENT POSTS

ARCHIVES