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
tax deduction Tag
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
Tax Effects of a Business Making a Charitable Contribution
Charitable contributions are generally allowed as part of an individual’s itemized deductions on his or her income tax return, while a business expense deduction generally isn't allowable for a contribution...
20 July, 2020
CARES Act: Business Interest Expense Deductions
The CARES Act amendments to section 163(j) will allow many taxpayers increased interest deductions in tax years beginning in 2019 and 2020. Section 163(j) in general Section 163(j) limits business interest expense...
21 April, 2020