Effective January 1, 2018, IRC §274 was amended through the Tax Cuts and Jobs Act (TC&JA) and generally disallows an employer’s deduction for expenses with respect to the cost of Qualified Transportation Fringe Benefits (QTFs) provided to employees. However, the TC&JA did not address how to determine the amount of
Both S corporation (S-corp) and C corporation (C-corp) structures share many common benefits; however, there are several notable differences that could have a direct impact on your business. Some of these differences can be an advantage or disadvantage, at any time, for either structure. Here’s a quick summary of what
In recent years, the popularity of partnership filings have increased as this entity type has grown. Partnerships provide a number of key benefits to business owners, including flexibility as well as operational, legal, and tax benefits. The IRS however, has found it both costly and burdensome to audit partnerships, and
Tax professionals and taxpayers need to be on high alert concerning a recurring scam involving fake CP2000 notices that are being mailed (via U.S Post Office) to taxpayers under the guise that taxes related to the Affordable Care Act are due. This scam is significant because, by using the U.S.
Sometimes a situation occurs when individuals and businesses complete a transaction or series of transactions, and inform their tax advisor after the fact. Then, when the advisor crunches the numbers, he/she determines that the seemingly benign transaction triggers a substantial amount of income tax. In fact, the size of the
Many businesses share in the challenge to be compliant with the most recent sales tax laws. Having the proper insight and awareness as to what legislation is in place and what’s coming down the pipeline requires a significant investment of time and resources. Laws and applicability are established at the