The 2017 Tax Cuts and Jobs Act (TCJA) made significant changes to the business meals and entertainment deduction starting in 2018. On October 3, 2018, the Internal Revenue Service (IRS) issued guidance on the business expense deduction for meals and entertainment as a follow up to the TCJA. This guidance was in response to confusion regarding the clarity of the changes made by the TCJA. We now have a much clearer picture of what is and isn't considered deductible and to what extent.
In 1935, Social Security was signed into law as part of President FDR's "New Deal" response to the Great Depression. This was the first time the Federal Government took responsibility for economic security of the old-aged, temporarily unemployed, children, and handicapped. Over 80 years later and social security has become an integral part of the retirement process.
Many of my clients ask me about real estate investment as a means to diversify their investment portfolio.
Changes for the Tax Filing Requirements of information returns, Forms W-2, 1099
In the past, forms W-2 and 1099 had to be mailed to the recipients by January 31st and mailed to the Social Security Administration (for W-2's) or IRS (for 1099's) by the last day of February.