100% Deduction for business meals from a restaurant

You may have heard that the recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. Here are the details. In general, the ordinary and necessary food and beverage expenses of operating your business are deductible. However, Read more about 100% Deduction for business meals from a restaurant[…]

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Owner liable for corporate tax debt

Generally, a corporation, and not its shareholders, is liable for its own debts. Under Texas law, a court may ignore the corporate form when the corporation is the alter ego of its owners or shareholders. The alter ego principle applies when there is such unity between corporation and individual that the separateness of the corporation Read more about Owner liable for corporate tax debt[…]

Stimulus Check FAQ

Who is eligible for a recovery rebate? All U.S. residents with adjusted gross income under $75,000 ($112,500 for head of household and $150,000 married), who are not the dependent of another taxpayer and have a work-eligible Social Security Number, are eligible for the full $1,200 ($2,400 married) rebate. They are also eligible for an additional Read more about Stimulus Check FAQ[…]

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Additional Details about Tax Changes During Covid

We have put together some additional details on tax changes that have taken place to assist US taxpayers during the Covid-19 pandemic. There have been a lot of changes for US taxpayers to assist them during the Covid-19 outbreak. We think you might find the following information helpful. Information for Business Taxpayers Information for Individual Read more about Additional Details about Tax Changes During Covid[…]

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Stimulus Payments are Approved

By now you have certainly heard that Congress and the President approved a huge economic stimulus package for taxpayers impacted by Covid-19 virus. What is the payment? The stimulus payment is actually an advanced tax credit for your 2020 taxes. Who qualifies? Single taxpayers with less than $75,000 Adjusted Gross Income Married filing jointly taxpayers Read more about Stimulus Payments are Approved[…]

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Rives CPA worldwide clients

Change in process to obtain an EIN affects non-residents

IRS news release IR-2019-58 announced a change in procedures for obtaining an Employer Identification Number (EIN )for a US business entity.  This will impact non-residents with US based entities. Beginning May 13, 2019, only individuals with a Social Security Number (SSN) or International Tax Identification Number (ITIN) will be able to request an EIN.  The Read more about Change in process to obtain an EIN affects non-residents[…]