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About that Business Meal Deduction…

The Tax Cuts & Jobs Act of 2017 eliminated entertainment deductions as a business expense (box seats at the football game, theatre, etc.).  There was some (warranted) fear that this elimination extended to the much-revered regular business meal where a taxpayer hosted a client or prospect. Finally, and just recently,…

News: Steve Phillips Presents National Webinar Regarding S Corporation Conversions under TCJA

The Tax Cuts and Jobs Act of 2017 reduced the maximum corporate income tax rate to 21% for regular “C” corporations.  The marginal maximum tax rate for individuals was lowered, but not quite so drastically, to 37%.  Many believe that the lower corporate tax rate would influence taxpayers to convert…

Fiduciary Legal and Administrative Fees Survive TCJA Elimination!

The Tax Cuts and Jobs Act of 2017 (Pub. L. No. 115-97) (“TCJA”) eliminated the deduction for miscellaneous itemized deductions, at least temporarily, until 2025. This means that expenses incurred for the production of income described in IRC Section 212, such as those incurred to manage investments and tax preparation…

TCJA Update – Pass-Through Deduction Regulations – Late July

Administration officials are now saying that the new and desperately needed rules under IRC Section 199A will not be issued until late July. This author will go out on a substantial limb and tell you not to hold your breath — a Labor Day deadline is more likely.  The Treasury…

Cryptocurrency on the Hot Seat – Targeted IRS Enforcement

The IRS, on July 2, 2018 through its Large Business and International division, announced that it will begin targeted audits and other enforcement actions in a few specific areas. Importantly, the area of virtual currency or “cryptocurrency” was singled out for one of these enforcement campaigns. Through these campaigns, the…