Excess Real Estate Losses Could be Permanently Eliminated in Build Back Better Act
The Build Back Better Act contains a lesser-known tax proposal to permanently eliminate certain excess business losses. Especially for rental real estate owners, the effect is potentially substantial.
Latest Edition of Clubs in Town & Country Reveals Club Trends
Download our 2021 benchmarking report which reveals future trends impacting country and city clubs including club revenue, expenses and cybersecurity issues.
Forbes Names PBMares, LLP One of Nation’s Best Tax and Accounting Firms
PBMares, LLP has been named by Forbes as one of America’s Best Tax and Accounting Firms for 2022. Of the 233 firms recognized, PBMares is in an elite tier of 177 firms recognized for both tax and accounting.
Did You Miss Out on the Employee Retention Tax Credits?
Many employers do not realize they could benefit from the ERC. As businesses close their books and records for 2021 and begin to work on tax compliance, it is a good opportunity to revisit the ERC to clear up any confusion that may exist.
Updated IRS Guidance on Meals and Entertainment Expense Deduction
In 2021 and 2022, a temporary change to the tax code allows companies to deduct 100 percent of most business meal and entertainment expenses. Guidance on per diem deductibility has also been clarified.
New Schedule A for Form 990T
The IRS has overhauled the 2020 Form 990T “Exempt Organization Business Income Tax Return” and created a new Schedule A “Unrelated Business Taxable Income From an Unrelated Trade or Business” to allow reporting of separate unrelated business activities.
