Entertainment versus Meals: Guidance released from the IRS

Gregory S. Dowell October 3, 2018 The Tax Cut and Jobs Act (TCJA) eliminated any deduction for entertainment, amusement, or recreation.  What was very unclear following the passage of TCJA, however, was whether meals would remain deductible and, if so, under what circumstances.  Tax practitioners have been waiting for clarification from the IRS and, thankfully,…

Work Opportunity Tax Credit

By Aleksandr Gershengorn December 18, 2017 Employers can qualify for a tax credit known as the work opportunity tax credit that is worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”). The credit is generally limited to eligible employees who began…