IRS Proposes Rules for Deducting Business Meals

The IRS last Friday released proposed rules for businesses to follow when deducting business meals and entertainment expenses following the 2017 tax overhaul. Prior to changes in the tax law, the deduction was limited to 50% of the cost of meal and entertainment expenses. The 2017 Tax Cuts and Jobs Act repealed the deduction for… Read more »

Trump’s Tax Cuts 2.0 Plan Expected in September

President Trump’s election-year “Tax Cuts 2.0” proposal is expected in September and could include a 10 percent tax cut for the middle class as well as a new minimum tax on corporations, according to latest reports. The White House has been talking for months about a new tax proposal timed with President Trump’s reelection campaign… Read more »

PA Government to Levy Tax on Membership Fees

The Pennsylvania Department of Revenue (DOR) issued a sales and use tax ruling Jan. 31 clarifying that membership fees to join a professional association are taxable if the member receives tangible personal property in addition to non-taxable services in exchange for their dues payment. While the ruling acknowledges that a membership fee in and of… Read more »

Congress Urged to Make Tax Cuts Permanent

Treasury Secretary Steven Mnuchin this week called on Congress to make permanent the individual tax cuts included in the 2017 tax law, saying the economy would benefit. Mnuchin was testifying Feb. 12 on the administration’s fiscal 2021 budget plan, which assumes the tax law’s temporary cuts to individual tax rates will be extended. Under the… Read more »

White House Studying Rules for UBIT Siloing

The Trump administration is close to finalizing guidance on the unrelated business income “siloing” provision enacted as part of the 2017 tax law. According to Bloomberg BNA (subscription required), the White House review office has been studying the IRS proposed rules issued in 2018, signaling that final guidance could be released soon. The change in… Read more »