IRS Provides Guidance on Business Meal Deductions
(authored by RSM US LLP) Notice 2021-25 provides temporary relief on deductions for food or beverage under the Taxpayer Certainty and Disaster Relief Act....
09 April, 2021
tax deduction Tag
Enhanced Charitable Deductions Extended for Individuals Through 2021
(authored by RSM US LLP) Stimulus legislation extends through 2021 the 100% of AGI deduction for itemizers and availability of a deduction for non-itemizers....
24 February, 2021
2020 COVID Relief Affecting Individual Taxpayers
Tax Season is here. Before you gather and submit your 2020 tax information, here are a few things you need to know. Below is an overview of key provisions in...
26 January, 2021
Deductibility of PPP Loan Expenses
IRS Guidance on Deductibility of PPP Loan Expenses The IRS recently issued Revenue Ruling 2020-27 that states that expenses paid using PPP funds are not deductible in 2020 if there is...
23 November, 2020
Summary on Meal and Entertainment Tax Deductions
On Sept. 30, 2020, the IRS issued final regulations that provide guidance for meal and entertainment deductions under section 274 of the Internal Revenue Code. The following is a general...
03 November, 2020
IRS Issues Final Regulations on Meals and Entertainment Deductions
(authored by RSM US LLP) The final regulations issued by the IRS provide guidance for meal and entertainment deductions under section 274....
01 October, 2020
CARES Act Expands Donation Deductions
In most cases, charitable gifts are deducted by taxpayers who itemize. Those donations are claimed on Schedule A of their annual tax return. However, this year, the Coronavirus Aid, Relief...
18 September, 2020
Employers, Don’t Miss Out on the Work Opportunity Credit
The Taxpayer Certainty and Disaster Tax Relief Act of 2019 extended the Work Opportunity Tax Credit (WOTC) allowing employers who are willing to help disadvantaged individuals to benefit from a...
05 August, 2020
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