Margaret Amsden Discusses Tax Reform with Steve Hood, Host of Detroit Wants 2 Know

Understanding meals and entertainment expense deductions can be confusing. See the chart below for a summary of the meals and entertainment rules for 2022 versus 2023.

The Financial Reporting Framework for Small and Medium Sized Entities is an alternative accounting framework to the Generally Accepted Accounting Principles. FRF for SMEs is based on the principles of US GAAP, but it provides a simpler solution for privately held businesses that are happy with their financial statements just the way they are.

Tax changes that take effect in 2023 could impact your business, especially when it comes to capital, R&D, and interest expense deductions. The influences behind these reforms are complex, but the two big drivers are provisions of the 2017 Tax Cuts and Jobs Act and the 2022 Inflation Reduction Act. Here are some quick highlights to watch out for going into tax season.