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The IRS has issued Notice 2018-76 as its initial understanding of the deduction for entertainment under the Tax Cuts and Jobs Act (TCJA). The important part of an IRS Guidance is that taxpayers can rely on it. IRC Section 274 specifies the rules for deducting business meals and entertainment. Meals and entertainment are considered together

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Personal Savings For some time now, the US has lagged behind the many 1st world economies in terms of personal savings.  The French, for example save more than 3 times as much as their US counterparts even with significantly higher income taxes.  Oddly, when economic downturns hit, personal savings rates in that country go up Read More
Americans don't do a great job of saving for a rainy day, but Tax Reform 2.0 might help with something called the Universal Savings Account.  Reports indicate that contributions to one of these would be made in after-tax dollars, but earnings could be withdrawn tax-free. Want know more?  Come hear US Rep Kevin Brady, the Read More