Tax Reform – Meals & Entertainment

Tax Reform – Meals & Entertainment With the changes in the new tax law, there is quite a bit of uncertainty regarding the deductibility of meals and entertainment. We hope the chart below will provide you with some guidance as to how these expenses should be treated. For tax purposes we recommend that expenses be…

Five Tax Breaks that Survived

Recent tax reform legislation affected many provisions in the tax code. Many were modified, either permanently or temporarily, while some were repealed entirely. Here are five that survived. 1. Mortgage Interest Deduction While the House bill repealed the mortgage interest deduction, the final version of the act retained it, albeit with modifications. First is that…

Updated Withholding Tables for 2018

Updated income-tax withholding tables have been released for 2018 reflecting changes made by the tax reform legislation enacted last month. The updated withholding information, available on IRS.gov, shows the new rates for employers to use during 2018. Employers should begin using the 2018 withholding tables as soon as possible, but not later than February 15,…

Small Business: Be Alert to Identity Theft

Small business identity theft is a big business for identity thieves. Just like individuals, businesses may have their identities stolen, and their sensitive information used to open credit card accounts or used to file fraudulent tax refunds for bogus refunds. As such, small business owners should be on guard against a growing wave of identity…

Standard Mileage Rates for 2018

Beginning on January 1, 2018, the standard mileage rates for the use of a car, van, pickup or panel truck are: 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017. 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for…