Posts Tagged ‘compliance’
No More Breakroom Deductions!
A brief history The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated deductions completely for business-related entertainment and recreation. Costs of golfing with an employee or football game tickets for potential clients used to be considered ordinary and deductible business expenses. The TCJA maintained that food and beverages provided by an employer at work locations were still 100% deductible…. but only through the end of 2025. After 2025, meals provided by employers at business…
Read More1099 Forms Discussion!
It’s 1099 Time! Let’s talk about 1099 forms and how to prepare for this annual filing. Here is a brief overview of the requirements to help this process go more smoothly. What are 1099 forms? 1099 forms are information returns. The IRS has filing requirements for just about every kind of financial transaction you can imagine. Two of the most common 1099 forms for business owners are: Who files 1099 Forms? The forms report amounts…
Read MoreBOI reporting requirements for 2024
12/4/24 Update: A federal court has issued a nationwide injunction temporarily blocking enforcement of the Corporate Transparency Act and its reporting requirements. As of this update, businesses are not required to comply with the reporting requirements. Beginning January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) began accepting Beneficial Ownership Information Reports (BOIR). The reports are a new compliance requirement enacted by the Corporate Transparency Act that affects many small businesses. We’ve outlined a few…
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