Business Meals and Entertainment
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Many tax amounts affecting businesses have increased for 2021
A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to…
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New law doubles business meal deductions and makes favorable PPP loan changes
The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains…
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IRS announces per diem rates for business travel
In Notice 2020-71, the IRS recently announced per diem rates that can be used to substantiate the amount of business expenses incurred for travel away…
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Good records are the key to tax deductions and trouble-free IRS audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses.…
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Business meal deductions: The current rules amid proposed changes
Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to…
Read More: Business meal deductions: The current rules amid proposed changes
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