In the face of the many emergency declarations by federal as well as state governments, many are pushing off their tax filing deadlines. Starting at the federal level, US Treasury Secretary Steve Mnuchin announced earlier this week that the Internal Revenue Service (IRS) would suspend penalties and interest for up to 90 days on income…
Read More »The Internal Revenue Service last week issued proposed new rules governing the deductibility of certain business expenses in light of changes dictated by the Tax Cuts & Jobs Act of 2017. Prior to the TCJA, business deductions for meal and entertainment expenses were limited to 50% of the cost, but the TCJA repealed entertainment expense…
Read More »The Internal Revenue Service (IRS) recently released new regulations governing the applicability of certain provisions contained in the Tax Cuts and Jobs Act (TCJA) signed into law last year. First, for tax years 2018 and 2019, employers may be eligible for a tax credit when they give eligible employees paid family and medical leave. Notice…
Read More »Just 2 weeks after it proposed a new rule to block state efforts to circumvent the $10,000 state and local tax deductions limit (SALT), the Internal Revenue Service (IRS) this week clarified that companies that make business-related payments to charities or government entities may at times write off those donations as normal business expenses, just…
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