The Financial Accounting Standards Board issued new lease guidance to provide greater transparency and disclosure around companies’ lease portfolios, and the new standard significantly changes the accounting for certain leases compared to the old standard. There are many technical details that companies need to work through, and the post below provides a high-level overview of the key issues and steps to consider for your business.
The Biden Administration’s American Families Plan and other tax proposals may complicate the tax landscape for high-income earners. Many of the proposals target taxpayers earning more than $400,000 per year.
The IRSand the Treasury released guidance Thursday April 8, 2021 on a temporary exception to the 50% limit that businesses can deduct for food or beverages from restaurants during the pandemic.
On Wednesday of last week, the IRS issued long awaited guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under the Tax Cuts and Jobs Act.