The “Taxpayer Certainty and Disaster Tax Relief Act of 2020” (the Act), enacted as a part of the “Consolidated Appropriations Act, 2021” (CAA 2021) allows for a full tax deduction for certain business meal expenses. This is an increase from the 50% deduction limit historically associated with deductions for business meals. Congress had Restauranteurs on [...]
Dear Friends: In December 2017, Congress enacted the Tax Cuts and Jobs Act (“TCJA”) and changed how your children were taxed by the IRS on their investment-type income. These TCJA changes led to much higher tax bills for minor children and college-age dependents. Congress recently passed the SECURE Act (Setting Every Community Up for Retirement [...]
Dear Friends: As has become the new normal, Congress passed some meaningful tax legislation right before it recessed for the holidays. The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) was signed into law by President Trump on December 20, 2019. The SECURE Act made many changes to how you [...]
Hello Friends, Back in January, we warned you about a seismic change in business deductions for entertaining your clients and potential customers. Later, in May, we dug a little deeper and learned that key tax-writers in Congress had not intended to make such drastic changes and that they were looking for a way to address [...]
Recent Tax Law Changes Affecting Partnerships and LLCs and their Owners The Tax Cuts and Jobs Act (“TCJA”), passed by Congress and signed into law by President Trump in December 2017, includes several changes that affect partnerships and their partners, and LLCs that are treated as partnerships for tax purposes, and their members. While most [...]