With so many pandemic-driven changes to tax rules over the past 18 months, it’s easy to have overlooked some revisions. For example, recent changes to the deduction for business-related meal and entertainment (M&E) expenses may have slipped below the radar.
Earlier this year, the IRS issued Notice 2021-25 to provide updated guidance on M&E deductions. While you should always consult with your tax advisor for specific advice, it can be helpful to have a general understanding of what the current limits are and how they came about. (more…)
By Charlie Shureen, CPA, Senior Tax Manager
In response to the COVID-19 pandemic as well as to the ongoing staffing shortage in many parts of the country, more companies are allowing their employees to work from home. While initially concerned with the technology and communication challenges that remote work presented, companies now are realizing that remote employees residing in other states may pose increased income tax liabilities. (more…)
By Jillian Pace, CPA, Tax Manager
ASL Real Estate Group
Real estate investors have long used 1031 exchanges to defer capital gains and other taxes from the sale of “like-kind” properties. In recent years, there have been some issues with typical 1031 exchanges such as finding replacement properties, complying with the required property identification and purchase time requirements, investing all sale proceeds from the exchange, seeking diversification, etc. Real estate investors may want to consider some alternatives to typical 1031 exchanges to help avoid these types of issues. One increasingly popular alternative is the use of Delaware Statutory Trusts. (more…)
By Becky Watson, CPA, Audit Manager
ASL Construction Group
I had the opportunity to interview Ralyssa Robinson, CRIS, MLIS, a Commercial Insurance Broker with Bozzuto & Associates Insurance Services, and pick her brain about top insurance concerns for contractors, and how they can minimize risk and prepare for today’s working environment. (more…)
