The IRS issued final regulations implementing provisions of the TCJA which disallow a business deduction for most entertainment expenses. The IRS clarified the treatment of business deductions for food and beverages that remain deductible, generally limited to 50% of qualifying expenditures, and how taxpayers may distinguish those expenditures from entertainment. ENTERTAINMENT The final regulations generally kept...
Curious about what your tax bill may look like next year? For starters, the inflation adjustments may seem smaller, only about 1% for the threshold dollar amounts for 2021 tax rate brackets. Here are the projected 2021 Tax Rates, Brackets, and Standard Deductions for the tax year beginning January 1, 2021. Tax Brackets The tax...
Tax scams tend to rise during tax season or during times of crisis, and scam artists are using pandemic to try stealing money and information from honest taxpayers. The Dirty Dozen list helps to raise awareness about common scams that fraudsters use to target people. Here are this year's "Dirty Dozen" scams: 1. Phishing: Be alert to potential fake...
The US Supreme Court has agreed to hear the Affordable Care Act (ACA) case in which several states are arguing that the individual mandate in the ACA (as revised by Congress in late 2017) is unconstitutional. The Supreme Court will hear the case this fall and is expected to render a decision in the first...
The IRS and the Treasury issued proposed regulations for tax-exempt organizations who are subject to the Unrelated Business Income Tax provisions of the TCJA. UBTI applies to any activities a nonprofit engages in that aren’t related to the tax-exempt purpose of the organization. We now have more clarity on how non-profits should calculate taxes owed...
