Major tax changes expected under Trump Administration
One month after the presidential election, taxpayers are learning more about President-elect Donald Trump’s tax proposals for his administration. Although exact details, including legislative language, are likely months away, taxpayers have a snapshot of the president-elect’s tax proposals for individuals and businesses.
Note. At the time this article was prepared, the primary descriptions of President-elect Trump’s tax proposals are on his campaign and transition websites. The materials on these websites are not the same as legislation, which would amend the Tax Code. Rather, they discuss the President-elect’s tax proposals in very general and broad language.
Question from Greg J. ———————– QUESTION: Mike: Please clarify for me and my staff, the best way to handle a vendor where we receive approximately 15 invoices each day from them and we have 65 classes.
One invoice may go to more than one class. We do want to avoid errors and not handle paper more than once. Thank-you
ANSWER:Excellent question Greg! and your question reminds me of my pain from years ago.
Everyone in business must keep records. Among other things, good records will help a business prepare the business tax returns, and will support items reported on tax returns. Taxpayers also must keep their business records available for inspection by the IRS.
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