IRS Issues New Rule for Business Expenses

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to the TCJA, business deductions for meal and entertainment expenses were limited to 50% of the cost, but the TCJA repealed entertainment expense…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 »

Prospects For Tax Extender Correction Dim

As we march closer to the end of the calendar and another presidential election year, the chances for corrective action by Congress to reinstate important tax extenders grows dimmer each week according to Ways & Means ranking member Kevin Brady (R-TX). Several important tax incentives were erroneously eliminated by a drafting error in the Tax…

Read More »