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Business Meal Deductions after the TCJA
The legislation known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, eliminated the general deduction of business entertainment expenses under Sec. 274(a). The TCJA mostly left intact, however, the deductibility of food and beverage expenses as a business expense (generally, at 50% of the expense amount). But because of a long-standing understanding and practice of treating business entertainment and meals as congruent, practitioners sought ...
Read MoreEase Staff’s Fears About Returning to the Office
Fifteen-person firm Goldglit & Company LLP went remote virtually overnight last March when New York City was among the first locations to be hard-hit by COVID-19. As the pandemic’s impact receded in the city, the firm decided to reopen its offices on June 1, 2020, and allow staff to choose between remote or in-office work, an arrangement that’s still in place. Despite the firm’s efforts to minimize staff’s anxieties, ...
Read MoreIRS Updates Car and Truck Depreciation Limits
The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles (including passenger vans and trucks) placed in service in 2021 (Rev. Proc. 2021-31). The revenue procedure similarly updates income inclusion amounts by lessees of passenger automobiles with respect to vehicles with lease terms beginning in 2021. These limits are updated annually for inflation according to the automobile component of the ...
Read MoreEmbrace Continuous Accounting to Close the Monthly Books Faster
Accounting teams always welcome a way to speed up the monthly close process, but it's difficult with so many moving parts to account for. The challenge has contributed to the rise of continuous accounting, an approach that aims to leverage modern tech such as AI to automate processes and optimize resources while providing improved real-time accuracy. Most organizations are early in their adoption of continuous accounting principles. But there ...
Read MoreWhat Employee Fringe Benefits Are Taxable?
It’s a topic that has been in the news lately: Exactly what constitutes taxable fringe benefits for employees? Which are perfectly legal perks, and which are to be avoided? First of all, what’s the definition of a fringe benefit? Sometimes referred to as an employee benefit or perk, it’s a form of payment, which includes property, services, cash, or cash equivalent, in addition to payment for the performance of services ...
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