Tax & Current Accounting Topics

IRS issues final regulations on the deduction for meals and entertainment 

https://www.irs.gov/newsroom/irs-issu

https://accountinginstruction.info/

The Internal Revenue Service issued final regulations PDF on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA).  The 2017 TCJA generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. However, taxpayers may still deduct business expenses related to food and beverages if certain requirements are met.

Taxpayers should know and understand their correct filing status 

https://www.irs.gov/newsroom/taxpayer

https://accountinginstruction.info/

Taxpayers need to know their correct filing status and be familiar with each option.  Generally, the taxpayer's filing status depends on whether they are single or married on Dec. 31 and that determines their status for the whole year. However, more than one filing status may apply in certain situations. If this is the case, taxpayers can usually choose the filing status that allows them to pay the least amount of tax.

Terms to help taxpayers better understand Individual Retirement Arrangements 

https://www.irs.gov/newsroom/terms-to

 https://accountinginstruction.info/

Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don't know how IRAs help them save for retirement.  People can set up an IRA with a bank or other financial institution, a life insurance company, mutual fund or stockbroker. Here's a list of basic terms to help people better understand their IRA options.

How people can reconstruct records lost in a natural disaster 

https://www.irs.gov/newsroom/how-peop

https://accountinginstruction.info/

Reconstructing records after a disaster is important for several reasons including insurance reimbursement and taxes. Most importantly, records can help people prove their disaster-related losses. More accurately estimated losses can help people get more recovery assistance like loans or grants.

Here’s how to get the status of an Economic Impact Payment 

https://www.irs.gov/newsroom/heres-ho

 https://accountinginstruction.info

Eligible individuals can visit IRS.gov and use the Get My Payment tool to find out the status of their Economic Impact Payment. This tool will show if a payment has been issued and whether the payment was direct deposited or sent by mail.

IRS provides final regulations on income tax withholding on certain periodic retirement and annuity payments 

https://www.irs.gov/newsroom/irs-prov

https://accountinginstruction.info

The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations PDF updating the federal income tax withholding rules for certain periodic retirement and annuity payments made after Dec. 31, 2020.

Deadlines to register for an Economic Impact Payment are just around the corner 

https://www.irs.gov/newsroom/deadline

https://accountinginstruction.info/Federal benefit recipients who don't normally have a filing requirement but do have qualifying children must register by Wednesday, Sept. 30 to receive a $500 catch-up payment per child. Other non-filers have until Thursday, October 15 to register for their Economic Impact Payment.  Anyone using the Non-Filers tool can speed up the arrival of their payment by choosing to receive it by direct deposit. Those who don't choose direct deposit will get a check.

IRS highlights employer credits for businesses during Small Business Week 

https://www.irs.gov/newsroom/irs-high

 https://accountinginstruction.info/

During Small Business Week, the Internal Revenue Service reminds business owners and self-employed individuals of the employer credits available to them during COVID-19.   These credits were specially created to help small business owners during this unprecedented time. During Small Business Week, the IRS wants to ensure all eligible people know about the relief these credits provide.

Businesses can file cash transaction reports electronically 

https://www.irs.gov/newsroom/business

https://accountinginstruction.info/

Businesses that receive cash payments of more than $10,000 must report these payments to the IRS – it's the law. Now businesses can batch file their cash reports; this is especially helpful for those required to file many forms.

Six tips for people starting a new business 

https://www.irs.gov/newsroom/six-tips

https://accountinginstruction.info/

Understanding the tax responsibilities that come with starting a business venture can save taxpayers money and help set them up for success. IRS.gov has the resources and answers to help people through the process of starting a new business.