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IRS Updates October 15

Foreign Bank/Financial Reports Due The IRS is reminding citizens, resident aliens, and other entities that the extension deadline to file their Foreign Bank and Financial Accounts Report (FBAR) is October 15, 2021. Automatic extensions were granted to filers who missed the annual April 15 due date earlier this year. FBARs are required to be filed […]

IRS Updates October 18

Tax Cuts and Jobs Act Changes Are Afoot The Tax Cuts and Jobs Act of 2017 (TCJA) changed the rules regarding how businesses can deduct expenses related to food and entertainment. Prior to the TCJA, business could deduct 50% of entertainment expenses if directly associated with the conducting of business. Now,  50% of non-extravagant business […]