Professional Accounting Solutions

In this article, we have explained the terms for the deduction of business meal expenses for 2021 and 2022. Pandemic had a drastic impact on all the businesses and companies across the globe. However, the worst impact was on the companies that handle the food services. As a result, a large number of businesses saw closure in the United States.  To help the rocking food industry, the Consolidated Appropriations Act (CAA) came into existence in December 2020. It provides quick economic assistance to struggling restaurants and their families. The CAA enables the tax-paying individuals to deduct 100% of the cost of business-related meal expenses incurred at restaurants in the years 2021 and 2022; Meals includes both beverages and food given by the restaurants.  Previously, it was only possible to deduct the cost of business meals to only 50% of the total cost.  IRS guidance in Notice 2021-25 defines “restaurants” that will come under the tax break. The term will include those businesses th...

Pay Tangible Personal Property Tax by March 31 2022.  There is no payment discount of the total tax due. Additionally, this is the last date to pay tangible personal property taxes. Delinquent Tangible Personal Property Tax Taxes become delinquent on April 1st each tax year.  Interest accrues at 1.5% per month (18% per annum) plus additional fees are added. What is Tangible Personal Property Tax? Tangible Personal Property Tax is an ad valorem tax assessed against: - Any equipment, fixtures or furniture used in a business or for a commercial purpose - Leased equipment - Furnishings and appliances in a rental property, owned by the real property owner - Any attachments made to a mobile home or manufactured housing in a rental park Tangible Personal Property includes  everything other than real estate used in a business. Assets such as office furniture and fixtures, office equipment like copier machines, printers, and scanners, etc.  Also tools, machinery, signs, leasehold ...