The Consolidated Appropriations Act of 2021 made a temporary, but significant change to the deductibility of business meals provided by a restaurant. The Act increased the deduction from 50 percent to 100 percent for restaurant food and beverage expenses incurred in direct relation to business … [Read more...] about Restaurant Meals Fully Deductible Again in 2022
Compliance
Research and Experimental Expenses: Major Changes in 2022
A provision of the Tax Cuts and Jobs Act (TCJA) took effect on January 1, 2022, requiring taxpayers to change the way they treat research and experimental (R&E) expenses. Taxpayers may no longer elect to currently deduct R&E expenses, but now must capitalize and amortize these expenditures … [Read more...] about Research and Experimental Expenses: Major Changes in 2022
Affordable Care Act Reporting Deadline
Employers should be planning now to ensure they will be ready to distribute 2021 Affordable Care Act (ACA) Forms 1095-C to employees by the January 31, 2022 deadline. Last year, the IRS announced an extension for the 2020 forms deadline in early October; but it appears increasingly unlikely that an … [Read more...] about Affordable Care Act Reporting Deadline
Above-the-Line Deductions for Contributions Made in 2021
As a reminder, taxpayers are eligible to take a deduction for monetary contributions made by cash, check or credit card to qualifying charities in 2021, regardless of whether you itemize your deductions. The maximum allowed deduction is $300 for single, married filing separately and head of … [Read more...] about Above-the-Line Deductions for Contributions Made in 2021
Single Audit: Covid-19 Relief Funds Received May Trigger Federal Single Audit
As a result of the Covid-19 pandemic, the U.S. government has implemented a number of programs to provide economic support to businesses. The most notable has been the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided $2.2 trillion of funding for individuals, Paycheck … [Read more...] about Single Audit: Covid-19 Relief Funds Received May Trigger Federal Single Audit
Selling your real estate investment or vacation home in the U.S.? Beware of FIRPTA
As the calendar flips from 2020 to 2021, we are seeing an uptick in real estate transactions, specifically in the area of vacation homes or cottages. The travel restrictions that have been in place since early 2020 may play a part in this decision as well. If you are a foreign (non-U.S.) person … [Read more...] about Selling your real estate investment or vacation home in the U.S.? Beware of FIRPTA