Fust Charles Chambers on Facebook Fust Charles Chambers on LinkedIn Fust Charles Chambers on Twitter

Publications

Wednesday, October 17, 2018

IRS Issues Guidance Deducting Meals Bought During Entertainment

Share

The IRS recently provided transitional guidance about the deductibility of expenses for business meals that are purchased in an entertainment context. (IRS Notice 2018-76) The Basics Businesses can deduct ordinary and necessary expenses paid or incurred during the tax year in carrying on a trade or business. Before it was amended by the Tax Cuts and […]

Read More »

Wednesday, October 17, 2018

Reporting Income from Vacation Home Rentals under Today’s Tax Rules

Share

Do you own a vacation home that’s rented out but also used for a significant amount of time by you personally? Such properties are subject to tax rules that are different from those that apply to properties rented out with minimal personal use. Here’s how to optimize your tax results in light of several key changes made […]

Read More »

Wednesday, October 17, 2018

Employers: IRS Updates Business Travel Per Diems

Share

Under current tax law, employees aren’t allowed to claim miscellaneous itemized deductions — including unreimbursed business expenses — on their personal tax returns for 2018 through 2025. So, it may be more important than ever for employers to set up expense reimbursement plans for business-related travel costs. READ MORE

Read More »

Tuesday, October 16, 2018

Tips for Effectively Implementing Annual Coding Updates

Share

The 2019 Current Procedural Terminology (CPT) code set has been released by the American Medical Association. The 2019 update is quite extensive with a change to 335 codes and a large number of code descriptors. The complete file can be found on the AMA’s website: https://www.ama-assn.org/ama-releases-2019-cpt-code-set With these changes coming on January 1st, it’s a good […]

Read More »

Thursday, October 11, 2018

Tax Law Allows Employees to Defer Income from Equity-Based Pay

Share

Equity-based compensation can be a great way to reward and retain valued employees, especially for companies with limited cash on hand. And the Tax Cuts and Jobs Act (TCJA) makes it even more advantageous by offering a new tax-favored alternative to employees who receive these awards. READ MORE

Read More »

Thursday, October 11, 2018

Claiming the New Employer Tax Credit for Family and Medical Leave

Share

The Tax Cuts and Jobs Act (TCJA) establishes a new federal income tax credit for employers that provide qualifying paid family and medical leave benefits to their employees. This credit is only available for two employer tax years — those beginning between January 1, 2018 and December 31, 2019 — unless Congress extends the deal. Here […]

Read More »

Thursday, October 4, 2018

Create an Accountable Plan to Reimburse Employees for Business Expenses

Share

Did you know that the Tax Cuts and Jobs Act (TCJA) eliminated itemized deductions for employees who incur unreimbursed expenses for company business for 2018 through 2025? Fortunately, you can set up a so-called “accountable plan” to minimize the adverse effects of this TCJA provision. Here’s how the accountable plan deal works. READ MORE

Read More »

Wednesday, October 3, 2018

Employers: Consider Telemedicine and Make Sure Employees Use It

Share

Telemedicine continues to change the way that medical professionals and patients interact. In a survey by the Mercer consulting firm, nearly three-quarters of employers with at least 500 workers said they make telemedicine services available. Yet employers with programs in place reported that only 7% of eligible employees used telemedicine at least once. And despite its wide […]

Read More »

Wednesday, October 3, 2018

Tax Reform: Which Changes Are Temporary vs. Permanent?

Share

The Tax Cuts and Jobs Act (TCJA) includes a bevy of important tax changes for individuals and businesses. However, it’s sometimes hard to keep track of which changes are permanent and which are scheduled to expire at the end of 2025 — unless Congress extends them. Click here for a scorecard to help you keep track […]

Read More »

Wednesday, September 19, 2018

Calculating W-2 Wages for Limitations on the QBI Deduction

Share

Recently proposed IRS regulations on the new deduction for qualified business income (QBI) provide guidance on how to compute limitations on the deduction based on W-2 wages. As you’ve probably heard, the QBI deduction is complicated, and numerous rules and restrictions apply. READ MORE

Read More »