2018 MEALS & ENTERTAINMENT UPDATE

The IRS has recently released guidance significantly changing the meals and entertainment deductions, creating separate rules for each category. Link: Entertainment & Meals Updates - White Papers

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Who needs an estate plan?

Who needs an estate plan? Quick answer: Everyone Despite what you might think, estate planning isn’t limited to only the rich and famous. In fact, your family is likely to benefit from a comprehensive plan that divides your wealth, protects your well-being and...

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IRS Regulations Regarding Service Businesses

Pass-Through Businesses The Tax Cuts and Jobs Act allows a temporary deduction in an amount equal to 20 percent of qualified income of pass‐through entities, subject to a number of limitations and qualifications. 199A Specified Services in chart format

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The Tax Cuts and Jobs Act – June 2018 Update

The Tax Cuts and Jobs Act – June 2018 Update

The Tax Cuts and Jobs Act was passed in December with many unanswered questions and ambiguities. You are likely to hear from us from time to time to give you updates when more guidance has been provided. The American Institute of CPAs as well as the head of the Ways...

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Not-For-Profit Financial Reporting Changes

Not-For-Profit Financial Reporting Changes

Financial reporting for not‐for‐profit organizations has not changed significantly in many years. Financial statements will change for all not‐for‐profit organizations and will include some changes in presentation and enhanced disclosures. The new standard is...

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2017 Tax Cuts Act: What it Means

The Tax Cuts and Jobs Act was signed by President Trump on December 22, 2017. The Act makes sweeping changes to the U.S. tax code and impacts virtually every taxpayer. Click on the link(s) below to see how this legislation impacts specific entity types. 2017 Tax Act...

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Discounts on Future Purchases Make for Tricky Deductions

Discounts on Future Purchases Make for Tricky Deductions

Retail businesses will sometimes run customer loyalty programs that offer discounts on future gasoline purchases after qualifying purchases are made which customers may end up not using before the expiration date. The IRS says that you cannot deduct these discounts on your business income tax return until they are actually applied to purchases. Despite the IRS stance on this issue a taxpayer was able to win a case against it in the Third Circuit Court recently which reiterated the fact that this is a complicated issue.

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