February 2018 Newsletter
Entertainment Expense Deduction Terminated
Due to the new tax law changes effective January 1, 2018, a deduction will no longer be allowed for an entertainment expense. Entertainment is defined as any activity that is generally considered to be entertainment, amusement, or recreation. It also includes membership dues with any club organized for pleasure, recreation, or social purposes. Please be aware of this change and how it might impact your business. Business meals and business related travel are still deductible.
Local Sales & Use Tax Change
Effective April 1, 2018, the City of Conway’s Sales & Use Tax Rate will increase from 1.75% up to 2.125%.
If you have signed up for Direct Draft, we would like to remind you that the cost of your forms 1099 and W-2’s will be drafted from your bank account on February 15th.