The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of […]
Many businesses consider the occasional meal with customers, business referrals and prospective customers necessary costs of doing business. The same goes for taking business associates or even employees out to lunch. It’s easy to rationalize these should be deductible as business expenses, however, due to changes in the tax law, many of those expenses may […]
The IRS has recently published final regulations on the substantiation rules for claiming a charitable deduction. The regulations, in their final form, are not significantly different from the proposed regulations that were published years ago and what have been the current IRS policy on establishing substantiation for a charitable deduction, but it is still important […]