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Category: Tax Planner

Understanding business meal and entertainment deduction rules

The last few years have afforded quite a few changes in how the IRS allows businesses to handle meal and entertainment costs in relation to their taxes. The 2018 Tax Cuts and Jobs Act (TCJA) eliminated deductions for most business-related entertainment expenses. Since the pandemic, the IRS has temporarily changed the tax-deductible amount allowed for […]

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Tax implications for cryptocurrency owners

Cryptocurrency, a type of virtual currency that utilizes cryptography to validate and secure transactions digitally recorded on a distributed ledger, such as a blockchain, has been on the rise over the past several years. ‘ Approximately 14 percent of Americans own at least one share of virtual currency. Therefore, it’s essential to understand the tax implications associated with receiving, buying, and selling these currencies, mainly because the IRS is starting […]

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IRS Fact Sheet provides new details about tax credits available to eligible employers who provide paid vaccine leave

The IRS and Treasury Department provided new information regarding the tax credits available through the American Rescue Plan (ARP). The ARP was created to help small businesses through the pandemic. This new guidance provides information on how eligible businesses can claim the credit for providing paid time off to employees receiving or recovering from the […]

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Tax considerations for contractors for the 2020-2021 tax season

The 2020-2021 tax season is unprecedented for many reasons, and it’s forcing many business owners to take a closer look at their tax situation with their CPAs to ensure all available opportunities are optimized. Much is still up-in-the-air when it comes to presidential tax plans, future pandemic relief, and fluctuating economic strain, but construction companies […]

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IRS announces 2021 standard mileage rates for business, charitable, medical, and moving purposes

The Internal Revenue Service recently issued the 2021 optional standard mileage rates. These rates, which adjust every year to account for inflation of fuel costs, vehicle cost and maintenance, and insurance rate increases, will once again affect the way a company reimburses their mobile workers. Specifically, the IRS mileage rate is a guideline that businesses use to calculate the deductible […]

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