Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals. The new tax law also eliminated business deductions for entertainment. As a result, no deduction is allowed with respect to: An activity generally considered to be entertainment, … [Read more...]
Mid-Year Tax Planning Ideas from Thomson Reuters
It’s hard to believe that about 18 months have passed since President Trump signed into law the Tax Cuts and Jobs Act (TCJA)—the largest major tax reform in over three decades. As the IRS continues to release guidance on the new law, we discover tax planning opportunities that could put … [Read more...]
IRS Urges Paycheck Checkup
The IRS has launched a special campaign encouraging taxpayers to perform a "paycheck checkup" to ensure the right amount of tax is being withheld from their paychecks for 2019. This is particularly important given changes implemented by the Tax Cuts and Jobs Act (TCJA). For 2018, some … [Read more...]
New Health Reimbursement Arrangements (HRAs) rules for employers and employees
On June 13, 2019, the Internal Revenue Service, the Department of Labor and the Department of Health and Human Services issued final rules regarding health reimbursement arrangements (HRAs) and other account-based group health plans. Specifically, the final rules allow HRAs and other … [Read more...]
Business Entertainment and Meals Under the New Tax Law – What Physicians Need to Know
Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals. The new tax law also eliminated business deductions for entertainment. As a result, no deduction is allowed with respect to: (1) an activity generally considered to … [Read more...]
Physician disability payments and Sub S distributions
Question: If a corporation pays the disability premiums for a doctor and those premiums are recorded as Sub S distributions, will they be considered to be paid by the doctor personally and not the practice, thereby making any disability benefits non-taxable? Answer: Distributions … [Read more...]