The Tax Cuts and Jobs Act (TCJA) curtails business deductions for meals, entertainment and transportation. Under the TCJA, deductions for business-related entertainment expenses, once 50% deductible, are disallowed. Meal expenses related to business travel are still 50% deductible, but the 50% rule now also applies to meals provided on an employer’s premises for its convenience. The TCJA also eliminates employer deductions for providing employee transportation fringe benefits, such as parking allowances and mass transit passes. Contact us for more details.
On December 20, Congress completed passage of the Tax Cuts and Jobs Act. The new law means substantial changes for individual taxpayers. For example, it reduces tax rates for most brackets, nearly doubles the standard deduction and expands the child tax credit. And it provides alternative minimum tax (AMT) and estate tax relief. But it also reduces or eliminates many tax breaks. Most changes affecting individuals are only temporary, generally applying for 2018 through 2025. If you have questions or would like to discuss how you might be affected, contact us.
The recently passed Tax Cuts and Jobs Act includes a multitude of provisions that will have a major impact on businesses. For example, it creates a flat corporate rate of 21% and temporarily provides a new 20% qualified business income deduction for owners of flow-through entities (such as partnerships and S corporations) and sole proprietorships. It also enhances some breaks, but it limits or eliminates many others. The changes generally apply to tax years beginning after December 31, 2017. Contact us for more details and to discuss the impact on your business.
Attracting a new customer is five times more expensive than retaining an existing one. This underlines the importance of delivering a five-star experience that leads to a stronger community and connects with residents on a new level.
Michigan, along with many other state revenue agencies, is requesting additional information in an effort to combat stolen-identity tax fraud to protect you and your tax refund. If you have a driver’s license or state issued identification card, please provide the requested information from it. Your return will not be rejected if you do not have a driver’s license or state-issued identification. Providing the information could help process your return more quickly. For more information regarding identify theft visit www.michigan.gov/identitytheft.
There is a limit of three electronic direct deposit refunds made into a single financial account or pre-paid debit card. The IRS will send a notice and a refund check in the mail to taxpayers who exceed the limit.
She said more studies that look at the association between satisfaction and readmissions with a broader patient pool would be beneficial to providers.
The increased use of artificial intelligence and machine learning is shifting the paradigm of medical research and treatment. These advanced technologies are providing researchers real-time access to every white paper and clinical case study conducted on a genetic disorder.
Complaints about waiting for hours at primary care clinics and specialists’ offices fill internet forums and Yelp reviews. The problem is getting worse. Download now to get the data.
Most graduating physicians want to get rid of significant student loan debt, not add to it by starting a practice. According to the Merritt Hawkins’ survey. Employers’ loan forgiveness programs allow young clinicians to reduce debt burdens in a tax-advantaged manner, explains Tom Davis, MD, principal of St. Louis, Mo.-based Tom Davis Consulting, which provides clinician career mentoring. These organizations typically make the loan payments directly, pay the clinician additional monies to cover the tax liability and then, at the end of the employment agreement, pay off a large balance (i.e., $100,000 to $200,000) with an additional bonus to cover income taxes.