Hockey Team's Meals at Away Games Were a De Minimis Fringe Benefit
The U.S. Tax Court recently ruled that a professional hockey team's pregame meals to players and personnel at out-of-town hotels qualified as a "de minimus" fringe benefit. Therefore, the cost of the meals wasn't subject to the 50% limitation under the tax code. Here are the details of this case, which could have implications for businesses in the sports, entertainment and other industries.
Consider Section 179 Deductions for Real Estate Expenses
The Section 179 deduction for qualified real property expenses was made permanent under the Protecting Americans from Tax Hikes (PATH) Act of 2015. However, claiming this deduction isn't a no-brainer. Here are the pros and cons. Click here for full article.
How Wage-Hour Laws Create Risks
Federal investigators with the Labor Department's Wage and Hour Division (WHD) routinely look for companies and organizations with illegal pay practices. The WHD enforces the federal minimum wage, overtime pay, record-keeping, child labor and other requirements of the Fair Labor Standards Act. When investigators uncover violations, employers must pay back wages, as well as penalties. Click here for full article.