Want a helicopter view of meals and entertainment? Here it is, all in one place… An easy-to-read chart that will show you how the recently passed Tax Cuts and Jobs Act affects common meal and/or entertainment activities — activities that include clients, prospects, and your employees. Get on top of your 2018 meal and entertainment deductions! Our new chart will show you … [Read more...]
Tax Policy
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Tax reform’s penalty tax on transportation fringe benefits
Remember the good old days… a few months ago? Back then, when you provided your employees with transportation fringe benefits, you’d get a nice tax deduction. No more. Thanks to the new Tax Cuts and Jobs Act, employers now get stuck with a penalty-tax when they grant employees certain qualified tax-free transportation fringe benefits. Want to find out what the new law … [Read more...]
Yes, Tax Reform Did Kill Prospect and Client Meal Deductions
Want to take a client or a business prospect to lunch at a trendy restaurant? Go right ahead and enjoy the meal. Just don’t expect Uncle Sam to help pay for it. You see, thanks to recent so-called business-friendly tax reform, you can no longer deduct business meals. Those write-offs are dead and gone. Oh. I know. Some continuing education courses teach that business … [Read more...]
Tax Reform Cuts Business Tax Deductions for Charity Golf Outings
Maybe you’ve heard that because of tax reform Uncle Sam won’t let you write off the cost of golf with clients or prospects. But did you know that with tax reform lawmakers also killed the 100% business deduction for charity golf and other special charity sporting events? Want to find out more about the changes in the law and how they will affect you? Before you throw … [Read more...]
Should you switch your S to a C corporation?
Are you running an S corporation? Then you may be suffering from C corporation envy. Why? Because thanks to the 2018 Tax Cuts and Jobs Act, C corporations now only pay a flat 21% tax rate on corporate profits which looks pretty darn good. But remember, looks can be deceiving, and before you think about giving up on your S corporation, take a minute and read my new … [Read more...]