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.

2022-01-10T09:28:30-05:00December 20, 2021|Categories: Tax: Business|Tags: , |

North Carolina Budget Allows PPP Deductions, Reduces Tax Rates, Establishes SALT Workaround

The long-awaited 2021-2023 biennial North Carolina budget was passed by the General Assembly and signed by Governor Roy Cooper on November 18, 2021. Media outlets have focused on high-profile provisions, such as raises for teachers and other state employees. Other provisions - including historic tax cuts - immediately impact all North Carolina taxpayers.

2021-11-19T15:56:28-05:00November 19, 2021|Categories: Tax: Business, Tax: Individual|Tags: , , |

Infrastructure Bill Passes, Build Back Better Act Vote on the Horizon

On November 5, 2021, Congress passed a $550 billion Infrastructure Investment and Jobs Act. This bill is separate from the Build Back Better Act, which includes the highly discussed and more significant tax proposal changes. Read on for a summary of tax changes passed by the infrastructure bill and proposed changes from the Build Back Better Act.

Recovery Startup Provision: How New Startup Businesses Can Possibly Claim the ERTC

Businesses that started during the pandemic have a new opportunity to claim the Employee Retention Tax Credit for the 3rd and 4th quarters in 2021. There are minimal eligibility requirements to net up to $100,000 in tax credits for the year. Act now to include the credit on your 2021 3rd quarter payroll tax return.

2021-11-19T15:57:22-05:00September 22, 2021|Categories: Small Business, Tax: Business|Tags: , , |

2021 North Carolina Tax Reform

North Carolina is on the verge of passing major tax changes affecting corporate, pass-through, and individual taxpayers. If passed, the state's corporate income tax would be eliminated and 250,000 taxpayers would be removed from state tax rolls.

2021-11-22T11:25:19-05:00August 4, 2021|Categories: Tax: Business, Tax: Individual|Tags: , |
Go to Top

As Internet Explorer will discontinue browser security updates by August of 2021, this site is best viewed using Google Chrome, Safari or Microsoft Edge.

Click to Continue