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When Can Business Travel Expenses Be Deducted?
Business owners, executives and employees are hitting the road, rails and skies at levels that haven’t been seen since before the pandemic. The extent to which business travel expenses can be deducted depends on a variety of factors. Taxpayers who can claim the deduction Self-employed people may deduct business travel expenses on Schedule C.…
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Planning to Deduct for Losses this Tax Season? Be Sure to Read the Fine Print.
Deducting losses is a high-priority item for taxpayers in the highest marginal income tax bracket. The topic will be especially relevant during the 2022 tax compliance season because of recent declines in the stock market and a challenging overall business environment. With that said, you shouldn’t assume that every business operating loss or capital…
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Further Explanation on 100% of Business Meals Deductibility in 2021 & 2022
On Thursday April 8th, the IRS issued Notice 2021-25 providing further guidance on when the temporary 100% deduction for meals applies and when the 50% limitation continues to apply. In addition, the IRS explains the term ”restaurant” means a business that prepares and sells food or beverages to retail customers for immediate consumption, regardless of…
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Affordable Care Act Employer Reporting Requirements for 2015
As part of the continued roll out of the Affordable Care Act, beginning in 2015 large employers must file Forms 1094-C and 1095-C with the IRS. A large employer is typically one with 50 or more full-time and full-time equivalent employees. The information returns are due by February 29, 2016 or March 31, 2016 if…
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Accountable Plans and the IRS
In a 2010-2012 audit initiative, the IRS found many businesses were either not familiar with the accountable plan rules, or were not following them. It seems likely, therefore, that the IRS is going to apply more scrutiny to the issue of accountable plans when auditing businesses and their owners. An accountable plan is a business…