Category Archive: TCJA

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The Ins And Outs Of The Easing Of Loss Limitation Rules

Abstract: To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the CARES Act eases the rules for claiming certain tax losses. This article provides an overview of ...

Small Mechanic Business Owner

Relaxed Limit on Business Interest Deductions

Abstract: To provide tax relief to businesses suffering during the COVID-19 pandemic, the CARES Act temporarily relaxes the limitation on deductions for business interest expense. This article explains the rules that had gone into effect ...

The TCJA Limit on Interest Expense Deductions

Abstract:   The Tax Cuts and Jobs Act introduced a variety of tax benefits for businesses. At the same time, the act placed limits on several tax breaks, including the amount of interest expense a business ...

What You Now Need To Know About Meal, Travel, and Entertainment

Abstract: When owners, managers and salespeople attend trade shows, call on customers or evaluate suppliers, they may incur meal, travel, and entertainment expenses. This article explains that many of these expenses may be deductible if ...

Excess Business Loss Rule May Be Unfavorable To You

Abstract: Sole proprietorships and pass-through entity structures, which include partnerships, S corporations and certain limited liability companies (LLCs), provide owners with some valuable tax benefits, such as avoidance of double taxation and the potential ability to ...