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Breaking News: FASB Announces Delays for 3 Major Standards

Posted by Emily Taibl on Oct 18, 2019 1:48:45 PM

This week, the Financial Accounting Standards Board (FASB) announced a delay in the effective dates for standards on accounting for leases, credit losses, and hedging applicable to private companies and certain other entities. 

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Sweeney Conrad Announces 2019 Fall Promotions

Posted by Emily Taibl on Oct 15, 2019 1:51:31 PM

This fall we are excited to announce our 2019 promotions.  This year the firm promoted 12 team members.  

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Best Practices: 6 Ways to Enhance the Budgeting Process

Posted by Emily Taibl on Oct 7, 2019 4:08:33 PM

 

Every fall, executives and managers undertake a familiar exercise—creating a budget for the coming year. Many dread the process, which can be long and frustrating. But a good budget provides several benefits for business owners:

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4 Reasons Outsourced Accounting May Be Just the Business Solution You've Been Looking For

Posted by Emily Taibl on Oct 7, 2019 3:36:13 PM

 

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Multiple Employer Plans: New Rules Could Boost Adoption of MEPs

Posted by Emily Taibl on Oct 3, 2019 10:58:22 PM

 

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Checklist: Meals and Entertainment Tax Deduction in 2019

Posted by Darren Reed on Oct 2, 2019 8:15:31 PM

The Tax Cuts and Jobs Act of 2017 brought about many tax changes, one of which is what and how much of your meals and entertainment expenses are deductible. At a high level, beginning in 2018, entertainment expenses are no longer deductible and the majority of meal expenses are now deductible at 50%.

We first wrote about these changes in this blog post a year ago- and the following checklist provides further clarification on the new rules.

Category Previous Deduction Deduction as of 2018
Entertainment: tickets for sporting events, theater, etc.; club expenses; golf course fees; hunting or fishing trips; etc. 50% 0%
Meals with clients where business is discussed 50% 50%
Meals with clients where business is not discussed (this is classified as entertainment) 50% 0%
Meals with employees where business is discussed 50% 50%
Meals with employees where business is not discussed (this is classified as entertainment) 50% 0%
Food and snacks provided for employees (not considered part of compensation) 100% 50%
Company picnics and parties 100% 100%
Meals for employees while they are on business travel 50% 50%
Meals and entertainment included in an employee's compensation package 100% 100%

Do you have questions on how to classify your meals and entertainment expenses? Contact Sweeney Conrad’s Senior Tax Associate Darren Reed at dreed@sweeneyconrad.com.

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Topics: Tax

Deadline Approaching for Annual B&O Tax Apportionment Reconciliation

Posted by Emily Taibl on Sep 19, 2019 4:19:40 PM
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Employee Benefits Trends: Why Now is a Good Time to Re-evaluate Plan Design

Posted by Wende Wadsworth, Audit Shareholder on Sep 2, 2019 9:24:58 PM

When is the last time you and your governance group took a fresh look at your employee benefit plan? If it was more than a year ago—or worse, if you can’t really remember—then now is a good time to re-evaluate your plan design in light of changes in your employee base and broad shifts in workforce dynamics.

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Four Tips for Excellent Exit Planning

Posted by Emily Taibl on Aug 20, 2019 7:10:40 PM

 

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Meeting Fiduciary Duties: How to Choose a High Quality Provider

Posted by Emily Taibl on Jul 29, 2019 11:37:40 PM

 

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Topics: Audit & Assurance

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