Qualifed Opportunity Zones and Form 8996

by Gregory S. Dowell February 11, 2019 A relatively quiet provision in the Tax Cuts and Jobs Act (TCJA) created “qualified opportunity zones” in certain designated low-income communities.  Investors in Qualified Opportunity Funds (QOFs), which invest in these qualified opportunity zones, are allowed certain tax advantages for investing in these communities.  Internal Revenue Code section…

Business Meals Deductions Under TCJA

by Gregory S. Dowell January 8, 2019 Following the Tax Cuts and Jobs Act (TCJA), there has been considerable confusion over the deductibility of expenses for business meals.  Unfortunately, it is not crystal clear in all cases when business meals provided to clients and business associates are deductible. The confusion stems from the change brought…

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,…