Author: Alexis Long

12

October

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Tax Update

Meals & Entertainment Deductions The Tax Cuts and Jobs Act made changes to the rules governing the destructibility of meals and entertainment expenses for businesses.  Essentially, entertainment expenses incurred or paid after December 31, 2017 are no longer deductible (previously deductible at 50% of the amount of the entertainment expenses incurred).  Whether and to what extent business … Continued

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08

October

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Tax-free fringe benefits

Tax-free fringe benefits help small businesses and their employees In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. Insurance Businesses … Continued

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05

October

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Business Meals

Is that still deductible? The Tax Cuts and Jobs Act generally eliminated the business deduction for entertainment expenses but not meal expenses. As long as certain conditions are met, taxpayers can still deduct 50% of the cost of business meals. The IRS issued Notice 2018-76 spelling out the five conditions. The expense must be “ordinary … Continued

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03

October

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Tax planning for investments gets more complicated

For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year-end to save taxes. This year, you also need to keep in mind the impact of the Tax … Continued

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24

September

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2 tax law changes that may affect your business’s 401(k) plan

When you think about recent tax law changes and your business, you’re probably thinking about the new 20% pass-through deduction for qualified business income or the enhancements to depreciation-related breaks. Or you may be contemplating the reduction or elimination of certain business expense deductions. But there are also a couple of recent tax law changes … Continued

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