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November 18, 2021

Deductible Business Expenses - IRS Issues Guidance on Meals and Entertainment

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…)

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Categories: Updates & Alerts
Tags: Deductible Business Expenses, Entertainment-related expenses, Meals and Entertainment,
November 11, 2021

State Tax Liabilities May Increase for Companies Due to Remote Working Arrangements

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…)

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Categories: Business Taxation, Fall 2021
Tags: Charlie Shureen, Income tax nexus, Remote employees, Remote Working Arrangements,
November 11, 2021

Use of Delaware Statutory Trusts for 1031 Exchanges

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…)

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Categories: Fall 2021, Real Estate
Tags: 1031 Exchanges, Delaware Statutory Trusts, Jillian Pace, Real Estate Investors,
November 11, 2021

Insurance Red Flags - Contractors Be Aware!

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…)

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Categories: Construction Corner, Fall 2021
Tags: Becky Watson, Bozzuto, Contractors, Insurance risks,

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