Bipartisan Bill Introduced by Senate Tax Writers

Senate tax writers introduced a bipartisan bill to prevent duplicative taxation on digital goods and services. The bill aims to establish a framework across multiple jurisdictions for taxation of digital goods and services, including electronic music, literature, and...

IRS Guidance Allows Some Meals to Remain Deductible

IRS guidance allows taxpayers to deduct 50% of the cost of food and beverages provided at entertainment events. The cost of the entertainment and the meals must be purchased separately or recorded separately. The Tax Cuts and Jobs Act ( P.L. 115-97) eliminated...

Special Per Diem Rates Released for 2018-2019

The IRS has released the 2018-2019 special per diem rates. Taxpayers use the per diem rates to substantiate certain expenses incurred while traveling away from home. Notice 2017-54, I.R.B. 2017-42, 321, is superseded. These special per diem rates include: Special...

Social Security Wage Cap and Benefit Amounts Increase for 2019

The Social Security wage cap will be $132,900, and Social Security and Supplemental Security Income (SSI) benefits will increase by 2.8 percent in 2019. These changes reflect cost-of-living adjustments to account for inflation.   Wage Cap for Social Security Tax The...