Georgia Concrete Companies Receive New Tax Breaks
Two months ago, the Georgia legislature approved several bills offering tax breaks and incentives to concrete businesses around the state. In particular, House Bill 247 adds concrete mixing businesses to Georgia’s sales tax exemption for manufacturers. While this is good news for the state’s concrete companies, claiming these sales tax exemptions might be complicated. Eligible businesses could miss out on many of the available tax breaks by failing to submit the proper paperwork. If paperwork is submitted, the forms could be inaccurate, causing lost opportunities for additional tax savings and increased audit exposure. If you have a concrete business in. Read More.
IRS to Review Tax-Exempt Meals at Companies
Listed as an administrative priority for the Treasury Department’s fiscal year, the Internal Revenue Service (“IRS”) is evaluating its rules surrounding company tax exemptions for free meals. Currently, companies qualify for the exemption if, as stated by the IRS, their workers cannot “otherwise eat proper meals within a reasonable period of time” and provide food “for the convenience of the employer.” If the IRS begins taxing such meals, company-provided breakfasts and dinners could be affected the most. While the effort is in its initial stages, a spokeswoman for the Treasury Department noted that the goal is essentially to offer additional. Read More.