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Meals and Entertainment Changes Under Tax Reform

February 14, 2019 Though the Tax Cuts and Jobs Act (TCJA) has been advertised as pro-business, there are several changes that will affect the deductibility of expenses. The TCJA issued firmer guidelines on expenses related to meals and entertainment. You’ll see these changes affecting client-related business meals, employer-provided business meals, employer-hosted activities and entertainment.

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Bonus Depreciation Safe Harbor Rules for Vehicles Issued by IRS

February 13, 2019 The IRS recently provided a safe harbor method to determine depreciation deductions for passenger automobiles that qualify for the 100 percent additional first-year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles under Sec. 280F (Rev. Proc. 2019-13).

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Update Requirement for eFiling May Take Tax Pros by Surprise

January 17, 2019 A new state electronic filing requirement – currently implemented by 33 states with possibly more to come - will likely impact many tax preparers during the filing season ahead. The requirement, the “10 Business Day Rule,” is related to the application of software updates, and applies to all software vendors, according to Shannon Bond, senior director of government relations at Wolters Kluwer Tax & Accounting.

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IRS Waives 2018 Tax Penalty for Many Taxpayers

January 16, 2019 The IRS announced recently that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

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