Business

Deduct 100% of Your Employee Recreation and Parties

You take Bill, your best customer, to the local country club and treat him to 18 holes of golf. The golf produces a zero deduction.

Compare this.

You take your employees and their spouses and children to the local country club, where they play golf and tennis; swim; and enjoy lunch, dinner, and snacks.

The cost of the country club meals and activity produces a 100 percent tax deduction.1

In this article, you will learn the following:

  • What it takes to qualify an employee party for the 100 percent deduction
  • What types of employee entertainment qualify for this 100 percent deduction
  • How tax law defines entertainment that’s primarily for the benefit of employees

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Are Taxes Two-Timing You? How to avoid dual-taxation…

The shift to remote working during the COVID-19 pandemic has been embraced by both employees and employers. This change will likely continue to varying degrees by many companies.

Although remote working offers great benefits, employees need to know about the possible tax consequences and how to navigate them.

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Beat the Unfair $10,000 SALT Cap with a C Corporation

C corporations cause double taxation for business owners, so you probably think you want to avoid them at all costs.

And for many of you, this is true, as the S corporation often provides the lower overall tax outcome.

But for some of you, the C corporation could provide the best tax outcome, especially since you can bypass the $10,000 state and local tax (SALT) deduction cap, which was introduced by the Tax Cuts and Jobs Act (TCJA), with a C corporation.

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employee retention credit

Deductions for Food or Beverages From Restaurants

Beginning January 1, 2021, and extending through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided, and the expense is not lavish or extravagant under the circumstances.

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Accounting and Tax Rules for a Marijuana Business: 7 Tips from an NYC CPA

Everything You Need to Know About Uncle Sam and Mary Jane…Tax Rules for a Marijuana Business

States across America are legalizing marijuana at a rapid rate. As of March 2019, recreational use of cannabis is legal in 10 states plus Washington D.C. As for medical marijuana? That’s legal in 33 states (plus D.C.). More states are expected to follow suit throughout the year.

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Small Business Tax Roundup

Due to recent legislation such as the Tax Cuts and Jobs Act and the CARES Act, tax changes affect both individual taxpayers and small businesses. In 2020, the IRS issued several guidance documents and final rules and regulations that clarified several tax provisions affecting businesses. Here are five of them:

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Employer Tax Credit Extended for Payroll Workers

The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, made several changes to employee retention tax credits. These tax credits were previously made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The most notable change was the modification of the Employee Retention Credit (ERC). Several of the changes apply only to 2021, while others apply to both 2020 and 2021. As such, employers can take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that choose to keep their employees on the payroll – despite challenges posed by COVID-19.

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What is the Excise Tax? Taxable Goods and Services

An excise tax is a tax that is generally imposed on the sale of specific goods or services, or on certain uses. Examples of things a federal excise tax is usually imposed on include the sale of fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, and tobacco, as well as other goods and services. Excise taxes are imposed on a wide variety of goods, services, and activities and may be imposed at the time of:

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Beware of Gift Card Tax Scams

There’s never an off-season when it comes to scammers and thieves who want to trick people to scam them out of money, steal their personal information, or talk them into engaging in questionable behavior with their taxes. While scam attempts typically peak during tax season, taxpayers need to remain vigilant all year long.

For example, there are many reports of taxpayers being asked to pay a fake tax bill through the purchase of gift cards. While gift cards are a popular and convenient gift for all occasions, they are also a tool that scammers use to steal money from people.

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