IRS Expected To Allow Continued Meal Tax Deductions

deductions
Deductions for business meals may continue.

A pending IRS ruling may ease concerns about deductions for business meals.

According to the Wall Street Journal, the IRS is expected to release guidance that deductions for 50 percent of the cost of taking clients out for business meals. There had been concern about the deductions going away as a result of the massive tax overhaul passed…

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IRS Use Of Private Tax Collectors Underperforms

IRS
An effort to have private collectors help the IRS has turned in an underwhelming performance.

A program that requires the IRS to use private companies to make tax collection attempts has not performed as advocates hoped, according to a report by the Treasury Inspector General For Tax Administration.

This latest report is the third time in three months an independent review has found the IRS

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IRS Continues Crackdown On Offshore Tax Cheating

IRS
The IRS will end a program giving amnesty to tax cheats with overseas accounts who ‘fess up.

The IRS later this month will end a program allowing tax evaders with secret offshore accounts to confess and avoid prison.

The IRS made the decision to shut down the program following declining demand. According to Fox Business, the agency will continue a program that helps people who…

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Wilton Manors Accountants Can Help You Succeed

Wilton Manors Accountants
Let our Wilton Manors accountants attend to your bookkeeping needs.

Most business owners didn’t get into business to keep books. They got into business to provide their specific good or service. But the Wilton Manors accountants of Sterling Accounting are here to help.

With over 15 years of experience, Sterling Tax & Accounting Services located in Wilton Manors, Florida, can take the following off…

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Keep Up With These Basic Accounting Tasks

accounting
Business owners need to keep up with accounting tasks.

Business owners’ to-do lists are quite lengthy. But even with a long list, there are accounting tasks that can’t be put off.

Hiring a business bookkeeper can help you manage some of these accounting tasks. But even so, as a business owner, it’s your responsibility to keep up.

Here are some of what business owners need to do to keep…

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These Small Business Accounting Tips Can Help Your Business Thrive

accounting
Basic accounting can make business easier.

Bookkeeping isn’t always sexy. But accounting is an important part of your business.

That’s why we’ve pulled together some basic tips to help you use accounting to make your business thrive.

Keep business, personal finances separate

One of the most important small business accounting practices is also one of the most tempting to ignore. Don’t ignore it. Instead, be smart and set up…

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Choose The Right Accountants For Your Small Business

accountants
These tips can help when it comes to hiring accountants.

The accountants you work with in your small business can be much more than bookkeepers. They can be trusted advisors as well.

But you have to choose your accountants well. These tips can help you on your way to doing just that.

Check referrals

Your fellow business owners can be your guides to the best accountants.

According to the Continue reading »

IRS Issues Pass-Through Tax Deduction Guidelines

tax
There’s plenty of complexity in the new tax law.

An aspect of tax reform that could provide significant savings for owners of pass-through businesses will also require plenty of work to claim.

One part of the tax bill passed at the end of last was allowing a 20 percent deduction on income from pass-through businesses. But it’s not as simple as it may seem. The IRS recently issued…

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Will Tax Changes Cost You?

tax changes
Don’t let tax changes catch you flat-footed.

If you haven’t taken into account tax changes, you may be in for a nasty surprise.

That’s because you may not be holding out enough of your paycheck to qualify for a refund next year, thanks to tax changes passed by Congress last year.

According to the Washington Post:

Sen. Ron Wyden (D-Ore.) and Rep. Richard Neal (D-Mass.)…

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Senators Introduce IRS Reform Bill

IRS
Congress is considering reforms to the IRS.

Two Senators have introduced a bill they say will reform some parts of the IRS and help low-income taxpayers.

Sens. Rob Portman, R-Ohio, and Ben Cardin, D-Md., last week introduced the Protecting Taxpayers Act.  The bipartisan legislation focuses on improving the organizational structure of the IRS and making it easier for small businesses and retirement plan administrators to comply…

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