by H2R CPA Team
When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions. One is if the meal qualifies as a de minimis fringe benefit under the Internal Revenue Code.
A recent U.S. Tax Court ruling could ultimately mean that more employer-provided meals will be 100% deductible under this exception. The court found that the Boston Bruins hockey team’s pregame meals to players and personnel at out-of-town hotels qualified as a de minimis fringe benefit.
For meals to qualify as a de minimis fringe benefit, generally they must be occasional and have so little value that accounting for them would be unreasonable or administratively impracticable. But meals provided at an employer-operated eating facility for employees can also qualify.
by H2R CPA Team
How long should tax returns, credit card statements, loan documents, and other important paperwork be kept? Whether running a household or a business, it is important to know when it is safe to dispose of financial and legal documents.
It is extremely important to hold on to financial paperwork in the case of an IRS audit or other type of examination. However, retaining unnecessary records takes up valuable storage space that could be made available for more important documents. Not many of us have the extra space needed to retain everything we think might be needed for future reference.
Establishing a retention schedule that takes into account state and Federal regulations in addition to any specific industry standards can sometimes be a daunting task. The team at H2R CPA put together Records Retention Schedules for Individuals and Businesses as a helpful tool that you can download. (Please keep in mind that this information is provided as a general guideline only.)
If you have questions about your tax or accounting records, contact H2R CPA at 412-391-2920 or firstname.lastname@example.org. If you would like a printed copy of Records Retention Schedules for Individuals and Businesses, please submit your request to email@example.com.
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