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
Gift cards, bonuses and incentives are very popular throughout the end of the calendar year and in the opening months of the new year. Unfortunately, scammers are well aware of this, and they’re looking to cash in. As a result, companies are more vulnerable to Business Email Compromise (BEC) scams.
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
Taxpayers that don’t withhold and make estimated tax payments equal to 110% of the prior year tax or 90% of the current year tax are subject to Federal tax penalties. The IRS is not going to assess a penalty for individuals who have paid in at least 85% of their
Opportunity Zones have the potential to be one of the biggest tax incentives ever. However, we’ve found that not a lot of people are aware that they exist or how to take advantage of them. Before we get into a discussion about Opportunity Zones and the related tax benefits, ask