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Category: Family-owned Business

October 12, 2018

The Business Meal Expense Deduction Lives on Post-TCJA

The Tax Cuts and Jobs Act (TCJA) was packed with goodies for businesses, but it also seemed to eliminate the popular meal expense deduction in some situations. Now, the IRS has issued transitional guidance — while it works on proposed regulations — that confirms the deduction remains allowable in certain circumstances and clarifies when businesses can claim it. The need for guidance Before the TCJA, Section 274 of the Internal Revenue Code generally prohibited deductions for expenses related to entertainment,… Read more ›

August 21, 2018

Job Cost Accounting: Seven Tips to Make It Easier

Job costs are the lifeblood of your construction business… and accurately estimating them will determine if a project will make money. Managing job costs across the life of the project will ensure that your firm makes money on every job. Moreover, those job-by-job profits make the office and your executive salary possible. Despite this, some CFOs don’t take job costs seriously. Some see tracking those costs as more trouble than it is worth, while others think that the costs are… Read more ›