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Archive for Joseph Lee

Tax Cuts Jobs Act (TCJA) – Changes To Deductions For Meals, Entertainment, And Expenditures

The Tax Cuts and Jobs Act[1] (“TCJA”) made various changes to the deductibility of certain entertainment, amusement, recreation, meals, and fringe benefit expenditures[2]. The central theme of the items below was to close the gap where items were previously deductible by an employer and not includible in the income of the employee (i.e., permanent differences with the Treasury losing on both ends). Rather than attempt to tax the recipient, Treasury appears to have generally chosen to deny deductibility to the employer (while retaining non-inclusion by the recipient).

Below is a summary of the relevant provisions impacted by TCJA: Read more

Moore Together: Due Diligence For M&A Transactions

Moore Stephens North America is comprised of over 40 member firms that provide key services across a wide variety of industries and niches. This month’s “Moore Together” is a collaboration between Mike Thielman, audit partner with HCVT, and Eric Trumbull, tax principal with DMCL.

Business owners are constantly building one of two things: either a nest egg or a legacy. If they’re building a nest egg, they’re investing their time and efforts into a business that they can eventually sell and fund their retirement. If they’re building a legacy, they’re putting the people and processes in place, so they can transition out of their role and have a successor in place to carry on the work. Read more