IRS Issues New Guidance on Business Meal Deductions
The new notice preserves business tax deductions that many tax commentators thought were in doubt.
Tax
Time Is Running Out for 100% Bonus Depreciation Election
The IRS is reminding business taxpayers that there are precious few days left to make a special deprecation election for 2017 returns. If you choose, you have until October 15, 2018 to bypass the special 100% “bonus depreciation” allowance for ...
Business Meals are Deductible Again, But Not Entertainment, Says IRS
Previously, a business taxpayer could deduct 50% of the cost of qualified entertainment expenses, if those expenses were properly substantiated. This included entertainment that was “directly-related” to or “associated with” the business.
The Bare Bones on The Assessment of IRS Interest for Individual Taxpayers
The IRS generally charges interest on amounts that are unpaid, and this interest is compounded and will continue to accrue on any unpaid portion until fully paid. This is also true of the unpaid portion of IRS penalties. Since the underpayment of interest is statutory,[1] there is no requirement for the IRS to go through […]
Tax Extension Deadline is Oct. 15: Remember to Check Withholding
The Internal Revenue Service is reminding taxpayers who requested the six-month filing extension to double check their tax returns and file on or before the mid-October deadline. IRS e-file and Free File are excellent filing options and are still ...
IRS Issues New Guidance on Meals and Entertainment Deductions
The Internal Revenue Service has issued new guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA).
Time Running Out for New 100 Percent Depreciation Deduction
The Internal Revenue Service is reminding business taxpayers who placed qualifying property in service during 2017 but choose not to claim the new 100-percent depreciation deduction, that they have a limited time to file the required election with the ...
SurePrep Joins CPAmerica
CPAmerica International has added SurePrep as a new preferred provider for the association. This new relationship gives member firms discounted pricing on automated solutions that streamline the 1040 process for both the CPA and taxpayer.