Pit & Quarry, August 2018
ggregate industry events such as the National Stone Sand Gravel Associations Legislative Policy Forum in September and AGG1 Academy Expo in February 2019 represent opportunities to gain know how find new suppliers and network with others Best of all Uncle Sam in the form of our tax laws is willing to pick up the expense of attending many of these events at least for some A crushed stone sand and gravel business can deduct all non extravagant ordinary and necessary expenses incurred while attending business related meetings conferences shows and other events Within certain limits allowable expenses include travel lodging meals and associated out of pocket costs Unfortunately many deductions for show attendance previously claimed on the personal tax returns of attendees were temporarily suspended by last Decembers Tax Cuts Jobs Act TCJA the same bill that put a crimp in the meals and entertainment deductions RefoRming meals and enteRtainment In addition to abolishing the deduction for entertainment expenses the TCJA eliminated at least until 2026 the deductibility of some itemized deductions of individuals Targeted were miscellaneous itemized deductions subject to the former 2 percent f loor That means unreimbursed employee business expenses including expenses for travel lodging meals entertainment continuing education and others can no longer be claimed Fortunately many of these deductions remain available for use by crushed stone sand and gravel businesses including sole proprietorships However no change has been made to the 50 percent deduction for business meals or the 100 percent deduction allowed for expenses incurred for recreational social or similar activities that are primarily for the benefit of employees Until the IRS issues some much needed management The Tax Cuts Jobs Act changed the rules when it comes to business expenses and deductions by MARK E BATTERSBY A 62 Pit QUaRRY August 2018 pitandquarry com Photo courtesy of AeM What you can Write off While attending shoWs The TCJA suspended many deductions for attendance to trade shows like ConExpo Con Agg that were previously claimed on the personal tax returns of attendees In order for an aggregate business to take the deduction it must have the convention expenses on its books
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