NSAC Happenings and Latest News - Page 2

Tax Court: You Have to be 'Away From Home' to Take Lodging Deduction

Published March 26, 2021

The Tax Court added its voice to the dilemma facing many taxpayers working remotely due to the pandemic, denying an attorney his lodging expenses in Maryland because he was not “away from home” while working in the Washington, D.C., area. In the case of Soboyede v. Commissioner, Akeem Soboyede, an attorney licensed to practice in both Minnesota and Washington, D.C., maintained solo law practices in both jurisdictions in ...

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Selections from the Best Practices Archive

Published March 25, 2021

Originally Published in The Cooperative Accountant, Winter 2020 IssueThe Centers for Disease Control and Prevention recommend annual checkups for individuals of all ages. Why? Because “regular health exams and tests can help find problems before they start.” Not only is this true for our personal health, but also for the health of companies. When unchecked for too long, many companies unknowingly foster workplaces susceptible to ...

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Dropping the Curtain on Entertainment Deductions

Published March 24, 2021

The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, significantly changed Sec. 274(a) by eliminating any deduction of expenses considered entertainment, amusement, or recreation. The TCJA also extended the 50% deduction limitation for expenses related to food and beverages to those provided by employers to employees in some instances. Because the changes were unclear on whether food and beverage expenses could be deducted when ...

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IRS postpones April 15 deadline

Published March 22, 2021

The IRS announced on Wednesday that it is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The IRS says it will issue formal guidance in the near future. The postponement applies only to individual taxpayers, who can postpone their federal income tax returns and income tax payment due on April 15 until May 17, 2021. They do not have to file Form ...

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Small Business Forum: (Ac)Counting on Disruption: An Accounting Guide to Surviving the Rapidly Changing Business Landscape While Adding Value to Your Firm

Published March 11, 2021

Originally Published in The Cooperative Accountant, Winter 2020 IssueCovid-19 reportedly started as a limited issue in a Wuhan wet market as early as November 2019. It spread, slowly at first, and then exponentially. By March, the virus had spread around the globe and less than a year from the first outbreak, more than 1 million people had died. If the virus could have been understood and contained in those early months, before the Pandoras Box ...

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