by briesterer | Oct 5, 2020 | Tax & Accounting
On September 30, 2020 the IRS released final rules on the tax calculation of business meals and entertainment with respect to the Tax Cuts and Jobs Act (TCJA) that disallows a deduction for most entertainment. While food and beverage deductions are generally limited...
by briesterer | Sep 28, 2020 | Tax & Accounting
The Internal Revenue Service (IRS) released a breakdown by state of approximately 9 million people who don’t file a federal income tax return to receive a special notice by mail encouraging them to verify whether they are eligible to claim an Economic Impact Payment....
by briesterer | Apr 26, 2020 | Tax & Accounting
The Internal Revenue Service urged taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft. “We urge people to take extra care during this...
by briesterer | Mar 27, 2020 | Tax & Accounting
In FAQs posted on March 23, 2020, the IRS answered many of the questions regarding the July 15 filing and payment extension announced in IRS Notice 2020-18. Note the following highlights: Filing and payment extension is only available for the following returns: Form...
by briesterer | Mar 27, 2020 | Tax & Accounting
Congressional and Administration negotiators reached agreement on the Phase 3 COVID-19 economic stimulus bill early Wednesday morning and just released the legislative text this hour. The Senate and House hope to pass the $2 trillion legislation as quickly as...
by briesterer | Dec 23, 2019 | Tax & Accounting
IRA distribution basics A popular way to transfer IRA assets to charity is through a tax provision that allows IRA owners who are 70½ or older to give up to $100,000 per year of their IRA distributions to charity. These distributions are called qualified charitable...
