The Facts About Tax Extensions

Let’s take a quick break from tax reform and talk about the upcoming tax filing deadline. We are all blessed with two extra days of tax season this year (sarcasm intended) and have until midnight on April 17 to get returns filed or extensions prepared. I want to quickly talk through this deadline and make sure everyone has the right information when it comes to filing an extension.

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Update on the Meals and Entertainment Deduction

In a previous memo, I broke the bad news about the unintended consequences of the change in Code Section 274. For 2018 going forward, not only is entertainment no longer deductible (such as taking your clients to a Predators game), but the new law is currently written in such a way as to also disallow the deduction for meals with clients and prospects. 

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