A business tax reform proposal by Republicans in the U.S.

Summer is here, and that means it is time to get outside and enjoy the sunshine! If your business hosts summer employee outings then the business is eligible to write-off 100% of the expenses for tax purposes. So what are the rules for deducting meals and entertainment expenses?  That is what we will explain in this segment of our Tax Update.

Many business owners assume that all meals and entertainment expenses are automatically subject to a 50% limitation.  This is not necessarily so. There are many meal and entertainment expenses which are 100% deductible.

The dreaded Tax Notice from the IRS! It’s the one piece of mail many taxpayers find absolutely terrifying to receive.  In this segment of our Tax Update we will recommend the steps you should take to help you get through the process quickly and as pain-free as possible!

Now that the April 18th tax deadline has passed and the summer months are on the horizon, the season of tax notices has started to take place. The IRS and state tax authorities send millions of letters and notices to taxpayers each year, beginning shortly after the April 15th tax filing deadline ends. 

Many of you just finalized your 2016 return and think you are done for another year.  Whether you are tired of struggling through your return yourself, or you would like to discuss your situation with a professional, now is a great time to select a tax preparer. 

With all the talk about changes to our health-care system, one thing seems assured – health care costs will continue to rise! That is why a health savings account (HSA) may be very beneficial for both your business and your employees.  

The federal and state governments will often draft legislation to incentivize people and businesses toward certain actions or trends. For example, you are probably familiar with the charitable deduction which helps motivate individuals to donate to qualified charities. In this Tax Update, we are going to discuss a tax credit which congress enacted to incentivize employers to hire people from certain target groups.  It’s named “The Work Opportunity Tax Credit”. 

Farmers are always on the lookout for new methods and approaches to increase their harvest.  In this segment of our Tax Update, we are going to introduce you to another type of harvesting that even you can employ –  the harvesting of capital losses! 

Sometimes businesses hit a rough patch and need a fresh start.  The business can seek to renegotiate its existing debt with creditors or seek bankruptcy protection.