The Cost of Providing Employee Parking Just Went Up

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

As a business owner or administrator for a tax-exempt organization, you are well aware of the costs of providing parking for employees e.g. lot maintenance, snow removal, insurance, security, and other lot expenses.

What you may not be aware of is under the Tax Cuts and Jobs Act,...

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PA Education Tax Credit Guidance Issued

Pennsylvania education tax credits can still be claimed by business firms if contributions are listed as a business expense on the taxpayer’s federal return. The guidance concerns the treatment of contributions made to claim the Educational Improvement Tax Credit and Opportunity Scholarship Tax Credit. The state’s guidance applies to tax years...

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Guidance Issued on Nondeductible Portion of Parking Fringe Expenses

The IRS has provided guidance and examples for calculating the nondeductible portion of parking expenses. In addition, the IRS has provided guidance to tax-exempt organizations to help such organizations determine how unrelated business taxable income (UBTI) will be increased by the nondeductible amount of such fringe benefit expenses paid or...

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Proposed Regulations Provided for Code Sec. 163(j) Limit

The IRS has proposed regulations on the limitation on the business interest expense deduction under Code Sec. 163(j), as amended by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The IRS also has issued a safe harbor that allows taxpayers to treat certain infrastructure trades or businesses as real property trades or businesses solely for...

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Regulations to be Issued on Controlled Foreign Corporations’ Previously Taxed Earnings and Profits

The IRS and the Treasury intend to provide regulations that will address issues affecting foreign corporations with previously taxed earnings and profits (PTEP). The regulations are in response to changes made by the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97), and are intended to include rules for:

  • the maintenance of PTEP in annual accounts and...
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WHAT TO EXPECT ON YOUR FIRST EMPLOYEE BENEFIT PLAN AUDIT

Growing beyond 100 employees is an important landmark in a company’s history. While companies may view crossing this threshold as cause for celebration, the Department of Labor (DOL) may view it as a trigger for increased scrutiny of your employee benefit plan. Certain employee benefit plans with 100 or more eligible participants may be...
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HOW TAX REFORM COULD AFFECT ESOP VALUATIONS

The Tax Cuts and Jobs Act of 2017 (TCJA) was the most sweeping change to the tax code since the mid-1980s. There were only a few provisions in the law that apply to employee stock ownership plans; the reduction of corporate taxes, in particular, will have a significant impact on stock valuations in these types of defined contribution plans. As...

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Tax Cuts 2.0

President Donald Trump and House GOP tax writers discussed "Tax Cuts 2.0" in a July 17 meeting at the White House. The next round of tax cuts will focus primarily on the individual side of the tax code, both Trump and House Ways and Means Chair Kevin Brady, R-Tex., reiterated to reporters at the White House before the meeting.

Individual Tax...

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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.

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Tax Reform: Impact on Meals & Entertainment Deductions

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

Updated 10/31/18

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 costs which included taking clients to...

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