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Big Change in the Business Meals & Entertainment Deduction

Big Change in the Business Meals & Entertainment Deduction
One of the biggest caveats for business owners in the new Tax Cuts and Jobs Act (TCJA) is the complete loss of the business entertainment deduction. No longer can you deduct 50% of qualified business entertainment like ending a productive day with a client at the ballpark. But what about business meals, or meals that include some element of entertainment? That area is less defined.

Cashing In: How Cannabis Businesses Pay Their Taxes

Cashing In: How Cannabis Businesses Pay Their Taxes

Did you know that Texas recently legalized the sale of medical marijuana? For now, it’s limited to certain low-THC cannabis oils for seizure patients only, but it could be a sign of changing times for the big business of cannabis in the Lone Star State. 

Europeans Consider U.S. a Top Tax Haven

Europeans Consider U.S. a Top Tax Haven
While you were cursing U.S. taxes, you may not have realized you’ve been sitting on a goldmine. The U.S. has been considered a top global tax haven for years and is now considered by some experts behind only Switzerland as an ideal place for foreigners to stash their money. And with U.S. tax reform in full swing, the European Union (EU) is considering adding the U.S.

to its official blacklist of tax havens.

A 'Real' Business Problem with the New Tax Code

  • 24 April 2018
  • Author: Alexander Carr
  • Number of views: 290
  • 0 Comments
A 'Real' Business Problem with the New Tax Code

When something as complex and nuanced as the U.S. tax code gets tweaked, one minor change can cause an avalanche of unintended headaches. One such tweak—supposedly meant to thwart farmers, manufacturers, and other businesses from swapping assets like trucks and machinery tax-free—now seems to be inadvertently hurting businesses like professional sports teams.

American Dream Vacations of Houston

American Dream Vacations of Houston
Before Bart Bonham called American Dream Vacations to ask about adding his family’s RV to their fleet, he never suspected he’d be a licensed owner of the company’s first Houston location just a few months later.

Plaintiffs and Attorneys, Take Note: Personal Settlements Are Now Taxed 100%

  • 24 April 2018
  • Author: Alexander Carr
  • Number of views: 216
  • 0 Comments
Plaintiffs and Attorneys, Take Note: Personal Settlements Are Now Taxed 100%
Lawsuit settlements just became more profitable…for the IRS. Under the new tax code

, most personal claims are now taxed at 100% with no deduction for legal fees. That’s right: In those cases, the plaintiff will be taxed on the fees paid to the attorney and so will the attorney who receives them!

A Stud in Tax Court: How a Retired Race Horse Beat the IRS

  • 17 April 2018
  • Author: Alexander Carr
  • Number of views: 276
  • 0 Comments
A Stud in Tax Court: How a Retired Race Horse Beat the IRS
If you’re a horse enthusiast, take note: The IRS may disagree with whether your affinity is a hobby or business, depending on what’s at stake. With a recent tax court win, a retired racehorse named Woody B. Tuff teaches us about the tax implications of what we do on our weekends.

What Are Public Benefit Corporations and B Corps?

  • 10 April 2018
  • Author: Alexander Carr
  • Number of views: 342
  • 0 Comments
What Are Public Benefit Corporations and B Corps?
Can you make a profit and save the world at the same time? Many startups and businesses aim to do just that and, now, there are business designations and corporate structures to fit their missions. Public Benefit Corporation (PBC) status and B Corp designations are both tailor-made for do-good for-profits, but that’s where the similarities end.

What You Need to Know This Tax Season

  • 27 March 2018
  • Author: Alexander Carr
  • Number of views: 406
  • 0 Comments
What You Need to Know This Tax Season

We’re in the thick of the 2017 income tax filing season. It’s the time of year we’re often inundated with questions and, with so much confusion about the current tax code, this year is certainly no exception. We’ve answered some of the most common income tax filing questions for the 2017 tax year below.

The IRS Offers a First-Time Penalty Abatement Waiver

  • 20 March 2018
  • Author: Alexander Carr
  • Number of views: 345
  • 0 Comments
The IRS Offers a First-Time Penalty Abatement Waiver
Who says the IRS isn’t forgiving? The agency hands out penalties quite liberally for late filing, overdue payments, and missing deposits, but did you know taxpayers facing their first penalty in at least three years may be able to have it forgiven? The policy is called First Time Penalty Abatement and, although it’s not well known, it’s been an option since 2001.
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