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Resources for Accountants

Tax Deduction for a Business Meal [Video]

Tax Deduction for a Business Meal

Business meals are 100% deductible in 2021 and 2022.

But to be deductible, the meal must have a business purpose: you’re meeting a client, supplier, or business associate and are discussing business.

And the cost of the meal can’t be lavish or extravagant for the circumstances.

If you’re by yourself you can also deduct a meal, but only if you’re away on business.

For example, if you’re attending a conference or visiting a business associate out-of-town.

In any case you need to keep records.

You need the location, date, and price of the meal. But a restaurant receipt is not enough.

You also need to record who was present at the meal and what business was discussed.

Now if you’re self-employed your spouse could count as a business associate if you legitimately discussed business, but if you take advantage of this you’ll run into problems with the IRS.

The expense can’t be lavish or extravagant under the circumstances.


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Categories
Resources for Accountants

2022 IRS Nationwide Tax Forum begins July 19 [Video]

2022 IRS Nationwide Tax Forum begins July 19https://www.irs.gov/newsroom/2022-irs-nationwide-tax-forum-begins-july-19http://accountinginstruction.com/The Internal Revenue Service today announced the 2022 IRS Nationwide Tax Forum will be held virtually over five weeks starting July 19, with a series of live-streamed webinars every Tuesday, Wednesday and Thursday.Held each summer for more than 30 years, the IRS Nationwide Tax Forum is the IRS's marquee outreach event to the tax professional community. Even as some areas of the country are lifting limits on indoor gatherings, the IRS will once again present the Nationwide Tax Forum in a virtual format out of an abundance of caution.The virtual format allows experts from the IRS and its association partners to educate and update the tax professional community on tax law, professional ethics, virtual currency, collection issues and many other topics. Registering and attending these virtual seminars will allow many to fully satisfy their annual continuing education requirements.Tax professionals are encouraged to register now to take advantage of this virtual program.Seminar dates and agendaThe 2022 IRS Nationwide Tax Forum will begin on July 19, and continue through August 18, with live-streamed webinars broadcast on Tuesdays, Wednesdays and Thursdays. Registration enables attendees to participate in all of the live webinars earning up to 28 continuing education credits.The IRS Nationwide Tax Forum will feature a keynote address from Commissioner Charles P. Rettig, a plenary session with tax law and publications updates and multiple sessions on high-interest topics. Presentations are made by both IRS experts and partner associations.This year four seminars, including the plenary session and an ethics webinar, will be offered both in English and Spanish. Additional multilingual resources will be available for attendees in the Virtual Expo.Course details, including webinar titles, descriptions and schedule will be available soon.2022 registration and feesTax professionals who register by 5 p.m. ET on June 15, qualify for an Early Bird rate of $240 per person. The standard rate starting June 16, will be $289.Discounts for national association membersMembers of the IRS national partner associations listed below qualify for a discount of $10 off the Early Bird rate, but only if they register by June 15. Participating association members should contact their association directly for more information:American Bar Association (ABA) Section of TaxationAmerican Institute of Certified Public Accountants (AICPA)National Association of Enrolled Agents (NAEA)National Association of Tax Professionals (NATP)National Society of Accountants (NSA)National Society of Tax Professionals (NSTP)Low Income Taxpayer Clinics (LITC)Volunteer Income Tax Assistance Program (VITA)Virtual Expo and focus groupsRegistration at the 2022 IRS Nationwide Tax Forum includes access to the Virtual Expo. The Virtual Expo provides a great opportunity to visit with exhibitors representing dozens of commercial leaders in tax software and financial services, as well as leading national associations and several key IRS offices. Highlights of the Virtual Expo include:The latest tax products and softwareRepresentatives from IRS program offices in the IRS Zone, including expanded resources for multilingual engagementBonus Q&A sessions in the Speaker's Corner after each live sessionLive webinars from many of our sponsorsIn addition, attendees are invited to share their experiences and discuss innovative ideas directly with the IRS in numerous small, virtual focus groups. Please check 2022 IRS Nationwide Tax Forum registration page for the list of topics and qualifying criteria.

Categories
Resources for Accountants

Accountant or Bookkeeper? Which Role Is Right for You [Video]

Become a Controller; enroll in the Controller Academy 🚀 https://controller-academy.com/courses/controller-academy This video will be your ultimate guide on the differences But more importantly, I am gonna focus on how you can make high 6 figures with either of these 2 professions So here is our agenda: we'll take a look at the Job responsibilities of both the bookkeeper and the accountant We'll talk about the education requirements And then, I'll tell you How you can earn high 6 figures regardless of whether you chose to be a bookkeeper or an Accountant Time Stamps: 00:00 Intro 00:27 Agenda 00:46 1. Job Responsibilities 02:23 2. Education Requirements 04:07 3. How Accountants Make $100K plus 06:37 4. How Bookkeepers Make $100K plus ----------------------------------- Hang Out with me on social media: 📸 https://www.instagram.com/the_financial_controller/ 📱https://www.tiktok.com/@thefinancialcontroller https://www.linkedin.com/in/bill-hanna-cpa-7653a851/ DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! All views expressed on my channel are mine alone. Not intended as financial or professional advice