A bill being introduced to restore job expenses for employees and even better, as an above the line deduction.
See the link: New Bill for Job Expense Deductions
The only problem with this is that all tax bills are required to start in the House, specifically in the Ways and Means committee. So ……. we will see
This is a cool case regarding the deduction of meals during games by the team, specifically the Boston Bruins. It has wide impact for sports teams as well as businesses. In summary, if the employer provides meals for its convenience and on the employers site, it is deductible in full.
Boston Bruins Case
The IRS is simplifying the procedure for getting a waiver of the 60 day rollover rule in cases where there was a problem with the process or an unexpected event. Often when rolling over amounts into another IRA, a taxpayer will receive a check which then must be sent to the new investment firm. Sometimes that process breaks down due to mail delays, unexpected events or other reasons. The new procedure is linked below
New rules for 60 day rollover limit
An interesting article for our clients who are Registered Nurses
A Battle Brews Over Nurse Licensing in the Digital Age – WSJ
Recently, the Treasury Inspector General for Tax Administration (TIGTA) reviewed the IRS due diligence efforts in tracking employees potentially engaged in temporary assignments greater than a year and whether their travel reimbursements were treated as taxable income in those situations.
They are not doing the best job and partly due to confusion about the rules among the supervisors. They did however, find that the IRS had established adequate guidance on when travel reimbursements are taxable – in other words, there wasn’t an excuse 🙂
The full report can be found here TIGTA Report