Posts Tagged ‘brandon cangany’

The Deep Dive: Changes to Fringe Benefit Rules for Employers

Brandon CanganyBrandon Cangany, CPA
Senior, Tax Services
bcangany@sponselcpagroup.com

Each Thursday for the next few weeks, Sponsel CPA Group will present The Deep Dive, a closer look at individual aspects of the new tax reform and how they might affect you or your business.  Click here for last week’s column.

Business Deduction is Denied for Entertainment Expenses – The Tax Cuts and Jobs Act eliminates the 50% deduction for business-related entertainment expenses for amounts paid or incurred after December 31, 2017. Under the new law, no deduction is allowed for: (1) an activity generally considered to be entertainment, amusement or recreation, (2) membership dues for any club organized for business, pleasure, recreation or other social purposes, or (3) a facility used in connection with any of the above items.

However, the restrictions on deducting entertainment expenses don’t apply to nine types of expenses listed in Code Sec. 274(e), including the following:

  • Expenses for goods, services and facilities that are treated as compensation to an employee on the employer’s income tax return and as wages of the employee for withholding purposes.
  • Expenses paid or incurred by the taxpayer, in connection with the performance of services for another person, under a reimbursement or other expense allowance arrangement, if the taxpayer accounts for the expenses to that person.
  • Expenses for recreational, social or similar activities (including related facilities) primarily for the benefit of the taxpayer’s employees, other than highly-compensated employees.

As a result of the tax law change, Sponsel CPA Group recommends that taxpayers set up an “entertainment” account (separate from their meals account) within their general ledger in order to capture the now non-deductible entertainment expenses.

Business Deduction is Limited for Employer Provided Meals – The new law provides that the 50% limit on the deductibility of business meals is expanded, for amounts paid or incurred after December 31, 2017, to meals provided through an in-house cafeteria or otherwise on the premises of the employer. Under prior law, these expenses were 100% deductible by the taxpayer. For tax years beginning after December 31, 2025, the new law will disallow an employer’s deduction for expenses associated with meals provided for the convenience of the employer on the employer’s business premises, or provided on or near the employer’s business premises through an employer-operated facility.

Business Deduction is Denied for the Cost of Providing Qualified Transportation Benefits – The new law provides that no deduction is allowed, for amounts paid or incurred after December 31, 2017, for the expense of a qualified transportation fringe benefit (e.g., parking and mass transit), but the exclusion from income for such benefits received by an employee is retained. In addition, no deduction is allowed for any expense incurred for providing any transportation, or any payment or reimbursement, to an employee of the taxpayer for travel between the employee’s residence and place of employment, except as necessary for ensuring the employee’s safety.

If you have any questions about tax reform changes, please call Brandon Cangany at (317) 613-7899 or email bcangany@sponselcpagroup.com.

Woehler, Cangany promoted to Senior

Aimee WoehlerBrandon CanganyWe are pleased to announce the promotion of two key members of our team to Senior staff accountant: Aimee Woehler of the Entrepreneurial Services department and Brandon Cangany of Tax Services. Aimee joined Sponsel CPA Group in 2014, and Brandon arrived the year after. Both have proven their expertise and dedication to bringing value to our clients. Congratulations to them both!

Sponsel CPA Group promotes Brandon Cangany

Brandon CanganySponsel CPA Group has promoted Brandon Cangany to Senior accountant in its Tax Services department. He joined the firm as a Staff accountant in 2015 after graduating from IUPUI’s Kelley School of Business, earning double majors with distinction in finance and accounting.

His duties include preparing tax returns for individuals, corporations, pass-through entities and non-profit organizations, as well as tax planning, projections and tax notice responses.

“Brandon has proven time and again the dedication he has for our firm, and the value he strives every day to bring to our clients,” said Nick Hopkins, Partner and Director of Tax Services. “We take great pride in recruiting and developing some of the top young accountants in Central Indiana.”

Employee Spotlight — Brandon Cangany

Brandon CanganySince joining the firm nearly two years ago, Brandon Cangany has obtained his CPA license and greatly expanded his base of knowledge to serve Tax Services clients. As a Staff accountant, his duties include preparing tax returns for individuals, corporations, pass-through entities and non-profit organizations, as well as tax planning, projections and tax notice responses.

Brandon graduated from IUPUI’s Kelley School of Business, earning double majors with distinction in finance and accounting. He served two accounting internships before joining Sponsel CPA Group, and is a member of the Indiana CPA Society (INCPAS).

A diehard athlete, he grew up playing virtually every sport there is before focusing on tennis, playing in the semi-state doubles champion his senior year of high school. He also is a BIG fan of the IU basketball team, attending as many games as he can. In addition to playing sports, Brandon enjoys traveling, exploring the outdoors, going to movies and spending time with family and friends.

Employee Spotlight – Brandon Cangany

Brandon CanganyBrandon Cangany is one of the newest faces at Sponsel CPA Group, having joined the firm in January as a Staff accountant in the Tax Services department, where he works on tax returns and planning/projections. He graduated with distinction from the Kelley School of Business at IUPUI with a double major in finance and accounting, and previously served two internships at this firm.

Brandon grew up in London, Ind., with a close-knit family of “two awesome, inspiring parents and five great siblings.” A confirmed sportsman, he played everything from baseball to basketball and football before discovering tennis, his favorite athletic competition, in high school. Brandon played for the semi-state doubles championship his senior year.

When he’s not studying for the CPA exam – which he plans to take later this year – Brandon enjoys playing sports, spending time with friends, movies, enjoying the outdoors and traveling, especially to a special family spot in Florida. He’s a rabid Indiana University basketball fan, and rarely misses games.

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