IRS Issues Proposed Regs on Business Interest Expense Deductions

In April 2018, the IRS released temporary guidance on the amended limit on deductions for business interest expense for tax years beginning in 2018. Taxpayers were allowed to rely on that guidance while waiting for regulations. The IRS has now published proposed regulations that taxpayers can rely on until final regs are released. The proposed regs significantly expand on the temporary guidance. They include, among other notable provisions, a broader definition of interest than businesses have applied in the past.

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2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us at learnmore@BoulayGroup.com or 952.893.9320 to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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What do the 2019 Cost-of-Living Adjustments Mean for You?

The IRS has announced its 2019 cost-of-living adjustments to tax items that might affect you. Many of the amounts increased to account for inflation, but some remained at 2018 levels. As you implement 2018 year-end tax planning strategies, be sure to take these 2019 adjustments into account in your planning.

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Fraud and Occupational Abuse Statistics

In 2018, the Association of Certified Fraud Examiners (ACFE) released its 2018 Report to the Nations based on the ACFE 2017 Global Fraud Survey, a survey conducted by members of the ACFE from July 2017 through October 2017. As part of the survey, members were asked to provide information on the largest fraud case they were involved in from January 2016 through the survey date. The information from this survey was compiled into a variety of statistics to gain an understanding of the impact that occupational fraud and abuse has on businesses.

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November Economic Update

2019 IRS Cost-of-Living Adjustments

The Internal Revenue Service has issued the 2019 annual limitations for qualified retirement plans and Social Security. Click here to view the contribution, compensation and other limitations for 2019 and prior years that may affect you.

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Third Quarter 2018 Market Perspective

The Business Meal Expense Deduction Lives on Post-TCJA

The Tax Cuts and Jobs Act (TCJA) was packed with goodies for businesses, but it also seemed to eliminate the popular meal expense deduction in some situations. Now, the IRS has issued transitional guidance — while it works on proposed regulations — that confirms the deduction remains allowable in certain circumstances and clarifies when businesses can claim it.

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October Economic Update

Do You Qualify for the Section 1202 Stock Sale Gain Exclusion?

Take a second to investigate whether you could qualify for a 100% exclusion on the capital gains of the sale of your C corporation stock.

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