Fortner Bayens, P.C. Banking Letter - November 2018 Edition

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Fortner Bayens, P.C.

How to Apply the New Tax Rules for Meal Expenses 

Mark J. Corey, CPA, JD

The IRS recently published Notice 2018-76 to signal their intent to issue proposed regulations for the food and beverage expenses deduction under Section 274.  In the meantime, the Notice is intended to provide interim guidance to help taxpayers understand rules changes made for food and beverage expenses under the Tax Cuts and Jobs Act (TCJA) passed in December 2017.  This expense is the M (meals) in the well-known M&E (meals and entertainment) expense category.  

We covered the changes to entertainment in the article "New Tax Law Impacts Entertainment Expenses." This article will review and clarify the changes to meals under the new tax law.

To read more, click here.

Changes to the Disclosure Requirements for Fair Value Measurement

Michelle L. Steinbronn, CPA

Earlier this year, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2018-13, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, as part of its disclosure framework project. The objective of the project is to improve the effectiveness of disclosures in the notes to the financial statements. Several removals, modifications, and additions have been made to the fair value measurement standard (Topic 820) under this ASU. 

To read more, click here. 

Positive Growth in Denver's Office Market

Val Stark

The consistent growth in the Denver real estate market is no surprise, but many are wondering if the growth will remain constant or eventually collapse. One key area of growth is the office market. A number of large national and international companies have either moved their headquarters or opened new offices in Denver, making the demand for large office spaces higher than before. Data from the Third Quarter 2018 CoStar Report summarizes Denver's office market activity over the last 12 months.

To read more, click here.