Month: March 2018

Filing a 1099 is the responsibility of the payer, not you the recipient. You will not be penalized if the company who pays you doesn’t file a 1099 to report the payments. That’s their problem – not yours. Your responsibility is to declare all of the taxable income you receive, whether or not it’s supported … Read more

Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals. The chart below shows you how the Tax Cuts and Jobs Act treats 12 meal and/or entertainment events. Amount Deductible for Tax Year 2018 Description   100%   50%   Zero   Meals with clients … Read more

Tax professionals want tax deductions for business meals with clients and prospects. Business owners want those meals deductible, too. Add us to this list. We want that deduction for our clients (and, of course, for ourselves, too). In recent days, we learned that lawmakers did not intend to eliminate business meals with clients and prospects. … Read more