New Tax Rules for Business Meals: Food for Thought
The IRS recently provided clarification concerning food and beverage deductions. The IRS says that a 50% deduction is allowed for food and beverage expenses if the following conditions are met...
The IRS recently provided clarification concerning food and beverage deductions. The IRS says that a 50% deduction is allowed for food and beverage expenses if the following conditions are met...
Tax professionals are being warned by the IRS of the continuing threat of phishing emails, which remain the most common tactic used by cyber criminals to steal sensitive data.
The Internal Revenue Service has launched a new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year.
The combined national sales tax rates average increased slightly to 10.0941%, up from 10.0363% for the same period in 2018.
Proponents of tax simplification have bandied about the idea for a postcard-type 1040 for years. It came closer to fruition when the massive Tax Cuts and Jobs Act (TCJA) was enacted at the end of 2017. Supporters of the legislation, including ...
The highway use tax applies to highway motor vehicles with a taxable gross weight of 55,000 pounds or more. This generally includes large trucks, truck tractors and buses. The tax is based on the weight of the vehicle and a variety of special rules apply.
The Tax Cuts and Jobs Act made several changes to bonus depreciation. For example, the additional first year depreciation deduction percentage was increased from 50 to 100 percent. The property eligible for the additional first year depreciation ...
The report says that poor taxpayer service remains the biggest challenge taxpayers face in dealing with the IRS. For example, during this tax filing season IRS telephone assistors answered just 25% of taxpayer calls enterprise-wide.