Tax Cuts Feed Growth to the Food and Beverage Industry Tax Reform will shake up the food and beverage industry in many ways, we don’t want clients to get caught unprepared or leave financial opportunities on the table. The Tax Cuts and Jobs Act (TCJA) puts American grocery manufacturers, food distributors, retailers and restauranteurs on
IRS Makes Meals Deductible Again!
IRS Makes Meals Deductible Again! Don’t order that lobster just yet – read this article first! Recently the IRS confirmed that taxpayers may continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under the Tax Cuts and Jobs
Tax Reform Blunder has Repercussions for Restaurants and Retailers
Tax Reform Blunder has Repercussions for Restaurants and Retailers Businesses are missing out on tax breaks due to unintended errors in the way the tax reform law was worded. Is a band-aid on the way for this boo-boo? Technical corrections are needed to TCJA relating to Qualified Improvement Property (QIP) and the effective date for
New Small Business Medical Leave Credit Available
Does your business offer employees paid family and medical leave? If so, then a new general business credit may be available to you. The IRS has announced that eligible employers who provide paid family and medical leave to their employees may qualify for a new business credit for tax years 2018 and 2019. In addition,
Ghost Assets – Is Your Workplace Haunted
Hidden assets can be ghosts and zombies. A “ghost” asset is a fixed asset in a general ledger that is lost, stolen, unusable, or no longer owned by your company and cannot be accounted for. A recent business survey found that 12% to 25% of the assets in a fixed asset ledger don’t exist. Physical
What Exactly Is Tax Reform 2.0
Last week the House Ways and Means Committee passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0, here is what you need to know. Many provisions of the TCJA currently are scheduled to expire after 2025. The bills focus on making permanent certain provisions of
Estates, Trusts And Tax Reform – New Legacy Planning Perspectives
Legacy planning and estate planning intersect. The success of both depends on your assets and the ability to manage your affairs in the most tax-efficient manner. Under Tax Reform, the federal estate and gift tax exemption has been doubled to an estimated $11.2 million per individual. If married, and you elect portability, the exemption doubles
Separation and Divorce Can Be Taxing – Here’s How To Make It Less So
The tragic deaths of Anthony Bourdain and Kate Spade shed light on how unconventional some marital and family situations have become in the new millennium. Both had been separated for a lengthy time, but never legally divorced. Gwyneth Paltrow and hubby Chris Martin decided to “consciously uncouple” and co-parent their children before later divorcing. This
Why Do Business Owners Consistently Choose Fuoco Group?
Every business has a unique set of needs and should search for a strategic financial services provider that understands this. No one size “fits all!” Depending on the size of the company or the specific industry in which it operates, there are a variety of issues to consider when choosing a firm to handle the
Autumn Is Here. Take Time For Tax Planning Time With Your CPA
The foliage is starting to turn, football is back on TV, and pumpkin spiced donuts and lattes have arrived. Fall is here and taxes are probably the last thing on your mind today – but consider this: assessing your current tax situation and financial issues now can prevent problems in April 2019 by minimizing your
