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! 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 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...
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,...
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...
