As an attempt to stimulate the restaurant industry, business meals prepared by a restaurant became 100% deductible to the employer for 2021 and 2022. Prior to this change, meals were mostly 50% deductible. Now, in 2023, we are back to where we were before the pandemic, so most meals are once again 50% deductible while entertainment expenses remain non-deductible.

The IRS has announced that it’s “open season” on false claims for the Employee Retention Credit (ERC). It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023.

Here is a great article for small businesses that we had CHAT GPT create.

When it comes to tax season, maximizing your deductions is key to minimizing your overall tax liability. Here are some tips to help you make the most of your deductions and potentially increase your tax refund:

The IRS has drastically changed the filing requirements for Form 1099s starting January 2024. The IRS originally required the forms to be electronically filed if filing over 250 information returns. Starting in January, the filing requirement will be 10 returns. This number would combine Forms W-2 and 1099s.

We’re in some challenging times. Economies are shifting. Businesses are reconfiguring. And deep uncertainty dominates many peoples’ mindsets. But smart leaders get that crisis breeds opportunity. And so they train their brains to focus on nothing else. Here are 5 of the NBO’s (Nice Big Opportunities) I’ve been sharing with my clients.