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While it was made clear that entertainment expenses would no longer be deductible by the Tax Cuts and Jobs Act of 2017, the act lacked clarification related to the deductibility of business meals, until now.

Expenses for Business Meals under § 274 of the Internal Revenue Code: Notice 2018-76

Under this notice, taxpayers may deduct 50 percent of an otherwise allowable business meal expense if:

  1. The expense is an ordinary and necessary expense under § 162(a) paid or incurred during the taxable year in carrying on any trade or business;
  2. The expense is not lavish or extravagant under the circumstances;
  3. The taxpayer, or an employee of the taxpayer, is present at the furnishing of the food or beverages;
  4. The food and beverages are provided to a current or potential business customer, client, consultant, or similar business contact; and
  5. In the case of food and beverages provided during or at an entertainment activity, the food and beverages are purchased separately from the entertainment, or the cost of the food and beverages is stated separately from the cost of the entertainment on one or more bills, invoices, or receipts. The entertainment disallowance rule may not be circumvented through inflating the amount charged for food and beverages.

If you would like further clarification on this or other deductions or how they pertain to your business, please feel free to contact our office.

1099’s

If we prepare your 1099 informational returns, all data needs to be to our office by January 25th, 2019 to ensure timely filing.

Partnership (1065) & S-Corp (1120s) Tax Filers

All information must be in our office at least 1 month prior to the filing deadline of March 15th, 2019

Corporate (1120) Tax Filers

All information must be in our office at least 1 month prior to the filing deadline of April 15th, 2019

Individual (1040) Tax Filers

If you want your personal return filed by: Call to Schedule an Interview no later than: Have ALL Tax Documents to our office no later than:
April 15th, 2019 March 1st, 2019 March 15th, 2019
On Extension: October 15th, 2019 September 1st, 2019 September 15th, 2019

If you have an LLC or Corporation the Department of State now “desires” that you pay the Biennial $9.00 fee through their website. We have the link to the left,  you will need your DOS  ID number and Exact entity name, which they will send to you by mail on your next registration date  (save it in your corporate book you will need it every 2 years). The  link below will take you to their page which includes their email and phone number along with the online form.

Please note the following:

1) Per their instructions ” Please be aware that business entities that do not file online will not automatically receive their future Biennial State forms or notices from the Department of State.  Business entities that wish to paper file in the future will need to contact the Department of State, Division of Corporations, State Records and Uniform Commercial Code to obtain a form.”

2)  and now….”A “Delinquent” corporation will be subject to a $250.00 fine and may be prohibited from filing other certificates with the Department of State.”