Allocating year-end tax planning time now can prove beneficial come tax filing time next year.
How much do your employees have to earn in 2021 before they can stop paying Social Security tax? How much can they contribute to 401(k) plans this year? Here are the answers to these and other questions about tax-related inflation adjustments and changes affecting businesses.
Lawmakers seek to tweak an existing business deduction to boost the restaurant industry’s bottom line and put thousands back to work.
Generally, businesses are limited to deducting 50% of allowable meal and entertainment (M&E) expenses. But certain expenses are 100% deductible, including expenses: For food and beverages furnished at the workplace primarily for employees, Treated as employee compensation, That are excludable from employees’ income as de minimis fringe benefits, For recreational or social activities for employees,[ … ]