A Fundamentally Sound Reporting System

Receiving an accurate and timely Financial Statement each month is based on the reliability of the reporting system you have in place when reviewing all your documents related to the monthly Financial Statement.  In addition, a sound reporting system ensures proper checks and balances, an audit trail, and the timely and accurate Financial Statements needed…

Woman standing outside of her retail shop

Restaurant Meals 100% Deductible – 2021 and 2022

At the end of 2020 the stimulus legislation passed a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 making those meals fully deductible.   Food and Beverage Expense In general, the ordinary and necessary food and beverage expenses of operating your business are deductible. However, the deduction is…

Be sure your employee travel expense reimbursements will pass muster with the IRS

Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA) make such reimbursements even more attractive to employees. Travel reimbursements also come with tax benefits,…