Meals & Entertainment Remember the Tax Cuts and Jobs Act (TCJA) largely eliminated the deduction for entertainment expenses paid or incurred after 12/31/17, but left intact certain exceptions. The IRS has now issued final regulations largely follow proposed regulations issued in February 2020 … [Read more...]
Home Office Tax Deduction in the COVID Era
Home Office Tax Deduction The Internal Revenue Service recently stated that it wants individuals to consider taking the home office tax deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. This is especially true now that we … [Read more...]
Dear Doctor: Is Now The Time For You To Make a Roth IRA Conversion?
For years, financial and tax advisors have lectured about the wonderfulness of a Roth IRA and why you should convert traditional IRAs into Roth accounts. But, of course, you didn’t get around to it. In hindsight, maybe that was a good thing. For many, the financial fallout from the COVID-19 crisis … [Read more...]
Expenses Paid With Forgiven PPP Loan Proceeds Not Deductible
Medical Practice Tax News - COVID-19 The Paycheck Protection Program (PPP) included in the CARES Act allows businesses with 500 or fewer employees to receive loans to pay payroll costs, rent and certain other expenses. PPP loans can later be forgiven if the employer retains its employees and … [Read more...]
Physician and Medical Practice Write-offs
As baseball season approached, I thought it would be a good idea to review once again physician and medical practice write-offs for meal and entertainment expenses. However we know what has happened to baseball season. Let that not stop us - again here is a brief overview. Entertainment As you … [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: An activity generally considered to be entertainment, … [Read more...]