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Traveling for business again

The actual costs of travel (for example, plane fare and cabs to the airport) are deductible for out-of-town business trips. You’re also allowed to deduct the cost of meals and lodging. Your meals are deductible even if they’re not connected to a business conversation or other business function. The Consolidated Appropriations Act includes a

Actived: 9 days ago

URL: https://kpm-us.com/2021/06/22/traveling-for-business-again-what-can-you-deduct/

Tax-smart domestic travel: Combining business with

(9 days ago) Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you … Tax-smart domestic travel: Combining business with pleasure Read More »

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The Tax Ramifications of Business Travel

(2 days ago) Business travel status . Although busines s transportation — going from one place to another without an overnight stay — is deductible, attaining “business travel status” fully opens the door to additional tax benefits. Under business travel status, the entire cost of lodging and incidental expens es, and 50% of meal expenses, is generally

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Choosing the best way to reimburse employee travel

(3 days ago) If your employees incur work-related travel expenses, you can better attract and retain the best talent by reimbursing these expenses. But to secure tax-advantaged treatment for your business and your employees, it’s critical to comply with IRS rules. Reasons to reimburse While unreimbursed work-related travel expenses generally are deductible on a taxpayer’s individual tax return

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Give your staffers a break with an accountable plan

(2 days ago) Place of the travel, meal or transportation, Business purpose of the expense, and; Business relationship of the people fed. You also should require employees to submit receipts for any expenses of $75 or more and for all lodging unless your nonprofit uses a per diem plan. Simple process

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The Production Landscape After COVID-19

(Just Now) Productions utilize some of the most impacted industries; hospitality, dining, and travel, however, it can be expected that state application processes may slow down. Many states are working with limited personnel and resources. This factor should be considered when tax credit projections and cash flow analysis are being performed.

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Do you want to go into business for yourself

(5 days ago) Certain expenses, such as automobile, travel, meals, and office-at-home expenses, require special attention because they’re subject to special recordkeeping rules or deductibility limits. 8. If you hire employees, you need to get a taxpayer identification …

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COVID-19 – Impact to Financial Reporting and Audit

(4 days ago) A delay may provide time for the spread of COVID-19 to either slow or stop, stay-in-place directives to be lifted as well as travel restrictions to be lifted. If an organization’s reporting deadline is determined by an outside party (i.e. lender or regulator) an extension may be obtainable by contacting the respective party as soon as

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Large cash transactions with your business must be

(1 days ago) 781-380-3520. 10 Forbes Road, Braintree, MA 02184. 100 Conifer Hill Drive, Suite 411, Danvers, MA 01923. 50 Milk Street, 18th Floor, Boston, MA 02109

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2020-2021 Tax Planning Guide is Now Available

(6 days ago) With individuals and businesses coping with the impact of the COVID-19 pandemic and some new tax laws going into effect, you probably have questions about tax planning this year. To save the most, you need to be familiar with the changes and how you may need to adjust your tax planning strategies. This is exactly … 2020-2021 Tax Planning Guide is Now Available Read More »

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Accounting for cloud computing arrangements

(4 days ago) The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment for these arrangements. In a nutshell, the changes will spread more of the costs of implementing … Accounting for cloud computing

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NOL Carryback Claims

(1 days ago) Using the chart below, we can calculate that the $50,000 net operating loss would generate a tax savings of $17,000 if it is carried back to the 2017 tax year, and only $10,500 if it is carried forward to a future year. This is a $6,500 tax benefit generated by the decision to carry back a net operating loss as opposed to carrying it forward.

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COVID-19 Guidance for Employers

(2 days ago) 781-380-3520. 10 Forbes Road, Braintree, MA 02184. 100 Conifer Hill Drive, Suite 411, Danvers, MA 01923. 50 Milk Street, 18th Floor, Boston, MA 02109

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Financial Risks of the Coronavirus

(5 days ago) And, as we are all quickly learning, the magnitude of concern goes deeper than team members working remotely, when possible, and canceling travel and conferences. As I reflect myself, I wish to share with you some practical thoughts on a variety of financial and risk mitigation matters in a distressed marketplace.

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Unemployment Insurance Benefits

(2 days ago) 781-380-3520. 10 Forbes Road, Braintree, MA 02184. 100 Conifer Hill Drive, Suite 411, Danvers, MA 01923. 50 Milk Street, 18th Floor, Boston, MA 02109

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COVID-19: IRS announces more relief and details

(7 days ago) In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates … COVID-19: IRS announces more relief and …

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3 ways to improve development and accounting collaboration

(9 days ago) Communication breakdowns between a not-for-profit’s development and accounting departments can lead to confusion, embarrassment and even financial problems. Here are three ways your organization can facilitate cooperation between these two critical functions. 1. Recognize differences Accounting and development typically record their financial information differently, which is why they …

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COVID-19 Resources: Non-Profit Archives

(6 days ago) New per diem business travel rates became effective on October 1 Navigating the tax landscape when donating works of art to charity 2021 Q4 tax calendar: Key deadlines for businesses and other employers

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Meals, entertainment and transportation may cost

(Just Now) Transportation expenses for employee work-related travel away from home are still deductible (and tax-free to the employee), as long as they otherwise qualify for such tax treatment. (Note that, for 2018 through 2025, employees can’t deduct unreimbursed employee business expenses, such as travel expenses, as a miscellaneous itemized deduction.)

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Follow the cutoff rules for revenue and expenses

(9 days ago) Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a strict “cutoff” for recognizing revenue and expenses. However, during the COVID-19 pandemic, managers may be tempted to show earnings or reduce losses. As a result, they may extend revenue cutoffs beyond the end of the … Follow the cutoff rules for revenue and

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Can you deduct home office expenses

(2 days ago) For employees, home office expenses are a miscellaneous itemized deduction. For 2017, this means you’ll enjoy a tax benefit only if these expenses plus your other miscellaneous itemized expenses (such as unreimbursed work-related travel, certain professional fees and investment expenses) exceed 2% of your adjusted gross income.

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Tax Relief provided by the CARES Act KPM

(7 days ago) The credit is available to employers carrying on business during 2020, including non-profits (but not government entities), whose operations for a calendar quarter have been fully or partially suspended as a result of a government order limiting commerce, travel or group meetings.

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Infrastructure Package: Housing Credits and Bond Updates

(6 days ago) By Pascal Saccol, Director Email On June 22, 2020, the House released some contents for its infrastructure package as part of the Moving Forward Act, H.R. 2. The infrastructure package is expected to be put to a vote before the July 4th weekend. The Moving Forward Act already includes many Low-Income Housing contents … Infrastructure Package: Housing Credits and Bond Updates …

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Volunteer Spotlight

(2 days ago) Volunteer Spotlight Tony Hajjar 100 Guys Who Care 100 Guys Who Care, is an organization that gathers 100 guys together at a local bar to have a few beers and network. In addition, each guy will bring a check, cash or use PayPal or Venmo for a hundred dollars and bring the information of a … Volunteer Spotlight – Tony Hajjar Read More »

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Can investors who manage their own portfolios deduct

(Just Now) 781-380-3520. 10 Forbes Road, Braintree, MA 02184. 100 Conifer Hill Drive, Suite 411, Danvers, MA 01923. 50 Milk Street, 18th Floor, Boston, MA 02109

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Collective impact projects find strength in numbers

(2 days ago) Collective impact projects are collaborations between not-for-profits, government, businesses and communities with the goal of achieving challenging and complicated social objectives. They can succeed in ways that simply aren’t available to individual organizations. But they also require a level of commitment your nonprofit may not be prepared for. A common cause Collective impact is …

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Hiring your minor children this summer

(8 days ago) 781-380-3520. 10 Forbes Road, Braintree, MA 02184. 100 Conifer Hill Drive, Suite 411, Danvers, MA 01923. 50 Milk Street, 18th Floor, Boston, MA 02109

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The new COVID-19 law provides businesses with more

(8 days ago) The credit is available to employers with operations that have been fully or partially suspended as a result of a government order limiting commerce, travel or group meetings. The credit is also provided to employers that have experienced a greater than 50% reduction in quarterly receipts, measured on a year-over-year basis.

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Auditing in Uncertain Times – KPM’s Outlook

(1 days ago) Saving Time and Money – Eliminate travel time and cost and allow off-hours audit activity. Avoid Difficult To Get to Locations – With the right tools, location and space don’t become a hindrance. Space Logistics – No more interruptions to employee work flow and no need to tie up the conference room for a month.

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Providing education assistance to employees

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Business website costs: How to handle them for tax

(9 days ago) The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs, and IRS guidance that applies to software costs, provide business taxpayers launching a website with some guidance as to … Business website costs

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Volunteering for charity: Do you get a tax break

(8 days ago) If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may … Volunteering for charity: Do you get a tax break? Read More »

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IRA account value down

(9 days ago) 781-380-3520. 10 Forbes Road, Braintree, MA 02184. 100 Conifer Hill Drive, Suite 411, Danvers, MA 01923. 50 Milk Street, 18th Floor, Boston, MA 02109

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Volunteer Spotlight

(8 days ago) Best Buddies Tell us about your life outside of the office. Outside of interning at KPM, I am going into my senior year as an accounting major at Stonehill College. What was your first impression of Best Buddies? My first impression of Best Buddies was how positive the atmosphere was. All of the buddies, volunteers, … Volunteer Spotlight – Danielle Abdallah Read More »

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5 ways nonprofits can prepare for an audit

(3 days ago) No not-for-profit looks forward to annual audits. But regular maintenance and preparation specific to an impending audit can make the process less disruptive. We recommend taking the following steps. 1. Reconcile routinely You shouldn’t wait until audit time to reconcile accounts — for example, cash, receivables, pledges, payables, accruals and revenues. Reconcile general ledger account

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The importance of S corporation basis and distribution

(5 days ago) The importance of S corporation basis and distribution elections. S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses. Conversely, as an S

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Eligible Businesses: Claim the Employee Retention Tax

(Just Now) The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020, Congress originally enacted the ERTC in the CARES Act to encourage employers to hire and … Eligible Businesses: Claim the Employee Retention Tax Credit …

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Short-term Business Continuity Planning & Operations

(4 days ago) Create plans for travel restrictions and in-person meeting restrictions. Consider creating a plan for flexible working conditions. This may not only mean working from home as was temporarily established in Phase I but determine if a rotating schedule for those who need to come into the office will better limit exposure. Assess Security Concerns

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Drive more savings to your business with the heavy SUV tax

(5 days ago) 781-380-3520. 10 Forbes Road, Braintree, MA 02184. 100 Conifer Hill Drive, Suite 411, Danvers, MA 01923. 50 Milk Street, 18th Floor, Boston, MA 02109

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Do you run your business from home

(4 days ago) 781-380-3520. 10 Forbes Road, Braintree, MA 02184. 100 Conifer Hill Drive, Suite 411, Danvers, MA 01923. 50 Milk Street, 18th Floor, Boston, MA 02109

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Dot the “i’s” and cross the “t’s” on loans between your

(5 days ago) It’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions: Are they truly loans, or actually compensation, distributions or contributions to equity? Loans to owners When an owner withdraws funds from the company, the transaction … Dot the “i’s” and cross the “t’s” on

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Nonprofit Finances – Into the Unknown (Operational

(3 days ago) 781-380-3520. 10 Forbes Road, Braintree, MA 02184. 100 Conifer Hill Drive, Suite 411, Danvers, MA 01923. 50 Milk Street, 18th Floor, Boston, MA 02109

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Proposed UBIT Repeal and Other Provisions of Tax

(6 days ago) The U.S. Committee on Ways and Means proposed a bill today with numerous provisions that would, among other things, repeal the unrelated business income tax (UBIT) on qualified transportation fringe (QTF) benefits and parking that nonprofit organizations have been subject to since January 1, 2018. If enacted, the UBIT repeal would be applied retroactively and … Proposed UBIT …

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Public Accounting Bookkeeper

(2 days ago) 781-380-3520. 10 Forbes Road, Braintree, MA 02184. 100 Conifer Hill Drive, Suite 411, Danvers, MA 01923. 50 Milk Street, 18th Floor, Boston, MA 02109

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Getting a divorce

(9 days ago) 781-380-3520. 10 Forbes Road, Braintree, MA 02184. 100 Conifer Hill Drive, Suite 411, Danvers, MA 01923. 50 Milk Street, 18th Floor, Boston, MA 02109

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Stock Options Under The Tax Cuts and Jobs Act

(2 days ago) The start of a new year, the first heavy snow, the first parking ban, the first grilled cheese and tomato soup of the winter…often invokes memories of years past. Having worked with start‐ups and emerging growth companies for my entire career, so many reflections come to mind. Entrepreneurs oftentimes put the “accounting stuff” on the … Stock Options Under The Tax Cuts and Jobs Act

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