The Tax Cuts and Jobs Act (TCJA) doubled the maximum Child Tax Credit, boosted income limits to be able to claim the credit, and created a second smaller credit of up to $500 per dependent aimed at taxpayers supporting older…
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Collecting Sales Tax
On June 21, 2018 in South Dakota v. Wayfair, Inc. the U.S. Supreme struck down the physical presence standard to create state sales tax nexus and instead, established economic nexus as the new standard. Physical presence is no longer the nexus…
Posted in IRS
Meals and Entertainment Deductions after Tax Reform Examples
The Tax Cuts and Jobs Act does not specifically address the deductibility of expenses for business meals. The Department of the Treasury and the Internal Revenue Service intend to publish proposed regulations which will include guidance on the deductibility of…
Posted in IRS
Meals and Entertainment Deductions after Tax Reform
The Tax Cuts and Jobs Act generally disallows a deduction for expenses with respect to entertainment, amusement, or recreation. However, the Act does not specifically address the deductibility of expenses for business meals. The Department of the Treasury and the…
Posted in IRS
Vacation, Holiday, and Overtime Pay
Holidays This may come as a surprise, but federal law does not require employers to pay employees extra, or above normal pay, for working on a holiday. The holidays are typically considered regular workdays and employees receive their normal pay…
The New 1040
The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return. It reduces the size of the form to two half-pages in length and eliminates more than 50 lines. The 2018 draft form…
Posted in IRS
