February 2018 | KRS CPAs, LLC

Feb 13 New Rules for Deducting Business Meals and Entertainment Under Tax Reform

Last Updated Feb 13, 2018 in Uncategorized

Prior to the Tax Cuts and Job Acts, a business owner generally could deduct 50% of business related meals and entertainment expenses. Meals provided to an employee on the business premises for the convenience of the employer were generally 100% deductible. The new tax law...

Feb 06 Repeal of Miscellaneous Itemized Deductions – What Does This Mean for Employee Business Expenses?

Last Updated Feb 06, 2018 in Get Balanced: Bookkeeping Made Easier

Before the Tax Cuts and Jobs Act, individuals who itemized their deductions could take certain miscellaneous itemized deductions to the extent that those deductions exceed 2% of their adjusted gross income (AGI). These deductions included several types of unreimbursed employee business expenses.

As of December...

Feb 13 New Rules for Deducting Business Meals and Entertainment Under Tax Reform

Feb 06 Repeal of Miscellaneous Itemized Deductions – What Does This Mean for Employee Business Expenses?

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