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Latest Tax Alerts

Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More

Trump’s FY 2018 budget outlines tax reform proposals

Since taking office in January, President Trump has called ... Read More

How do I? Safeguard tax benefits against natural disasters

As “hurricane season” officially begins, the IRS has released a number a tax tips ... Read More

FAQ: What are passive losses?

Individuals, trusts, estates, personal service corporations and closely held C corporations may only deduct ... Read More

June 2017 tax compliance calendar

As an individual or business ...
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Business meals and entertainment: how to maximize tax deductions

Many businesses consider the occasional wining and dining of customers and clients just to stay in touch with them to be a necessary cost of doing business. The same goes for taking business associates or even employees out to lunch once in a while after an especially tough assignment has been completed successfully. It's easy to think of these entertainment costs as deductible business expenses, but they may not be. As a general rule, meals and entertainment are deductible as a business expense only if specific conditions are met. What's more, the deduction for either type of expense generally is limited to 50 percent of the cost.

Meals and entertainment directly connected to business. To be considered directly connected to business, the meal or entertainment event must meet three conditions ... Read More

Debate over health care and taxes moves to Senate

The future of the Affordable Care Act and its associated taxes has moved to the Senate following passage of the American Health Care Act (AHCA) in the House in April. Traditionally, legislation moves more slowly in the Senate than in the House, which means that any ACA repeal and replacement bill may be weeks if not months away.

Note. At the time this article was prepared, few details have emerged about discussions in the Senate on the ACA’s taxes. Some senators have predicted that the Senate will write its own ACA repeal and replacement bill. A Congressional Budget Office (CBO) report, issued in late May, scored the House-passed AHCA as eventually causing 23 million fewer individuals to be covered, a number that may prompt the Senate to move further away from the House bill. It is also unclear if a Senate bill would repeal all or some of the ACA’s taxes. A Senate bill could also make other changes to the ACA, such as changes to the individual and employer shared responsibility requirements and the Code Sec. 36B premium assistance tax credit. ... Read More