BREAKING NEWS

BMF Named a Great Lakes Regional Leader

BMF has again been included on Accounting Today’s annual list of Top Firms in the Great Lakes region, which includes the states of Illinois, Indiana, Michigan, Wisconsin and Ohio.

Articles & Publications

Employee Retention Credit – More Guidance Issued for Q1 & Q2 Credits

In December, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act) modified the Employee Retention Credit (ERC) and extended the period to the first and second quarter of 2021. Then in the American Rescue Plan Act. Read More >>

Employee Retention Credit Modifications Under the American Rescue Plan

Our previous advisors touched on additional clarifications and how to claim the Employee Retention Credit (ERC). With the recent American Rescue Plan Act of 2021 (ARPA), the ERC has been extended and additional key changes made. The modified ERC,. Read More >>

IRS Releases Additional Guidance for 2020 Employee Retention Credit

The Employee Retention Credit (ERC) and Paycheck Protection Program (PPP) were created in the CARES Act under the COVID-19 relief program. Originally, they were separate programs and an employer was only allowed to participate in one program. In December,. Read More >>

Employee Retention Credit: Claims, Advance Payments and Documentation

The Employee Retention Credit (ERC) under the CARES Act encourages businesses to keep employees on their payroll. In 2021, the tax credit is 70% of up to $10,000 in wages paid in the first and second quarter by an eligible. Read More >>

Congress Passes Year-End Spending, Stimulus Bill with Tax Extenders

The Consolidated Appropriations Act, 2021 (CAA, 2021) passed Congress on December 21, 2020, and is awaiting the President’s signature. The CAA is 5,500 pages that touch on many areas of tax law, and additional changes could occur as the. Read More >>

Final Rules Clarify Business Meals and Entertainment Deductions

November 6, 2020 Tax Advisor

It’s been more than two years since the Tax Cuts and Jobs Act of 2017 was passed with stricter limitations on business meals and entertainment expenses. Our previous advisor from November 2018 noted the confusion with respect to separating. Read More >>

Bonus Depreciation and Sec. 179 Expense – What’s the difference?

Many business owners, especially in the manufacturing sector, were pleased that the Tax Cuts and Jobs Act (TCJA) expanded the first-year bonus depreciation and the first-year Section 179 deductions. These two tax breaks are lucrative for capital-intensive manufacturers, who. Read More >>

Manufacturing Business Expenses: 4 Tips for Deducting Meal & Entertainment Costs

Manufacturing owners have numerous questions around travel and entertainment expenses when attending trade shows, visiting with customers, meeting with suppliers, golf outings and other business trips. The rules and record-keeping can be a nightmare for the accounting team and. Read More >>

IRS Issues Transitional Guidance on Meals & Entertainment Deductions

As we noted in our March Tax Reform Series #5 Advisor, the TCJA amendment caused significant confusion regarding the deductibility of meals that occurred before, after or during the entertainment. IRS Notice 2018-76 was issued to provide transitional guidance. Read More >>

Tax Reform Series #5: Meals & Entertainment Deduction Limitations

The Meals and Entertainment deductions have stricter limitations under the Tax Cuts and Jobs Act of 2017 (“TCJA”). Our latest Tax Reform Advisor focuses on changes that were made to Internal Revenue Code Section 274 “Disallowance of Certain Entertainment,. Read More >>