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New Per Diem Business Travel Rates Effective October 1

In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” business travel rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. (Taxpayers in the transportation industry can use a special

Actived: 6 days ago

URL: https://www.barneswendling.com/new-per-diem-business-travel-rates-became-effective-on-october-1/

A Guide to Deducting Business Travel for Vacations

(4 days ago) Travel to and from your departure airport, airfare, baggage fees, tips, cabs, etc. Costs for rail travel or driving your personal car are also eligible. Once at the destination, your out-of-pocket expenses for business days are fully deductible. Examples of these expenses include lodging, meals (subject to the 50% disallowance rule), seminar

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Travel Deductions Archives Cleveland CPA Accounting Firm

(3 days ago) Tax-Smart Domestic Travel: Combining Business With Pleasure. Posted on May 29, 2019 by Barnes Wendling CPAs. Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra…

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Tax-Smart Domestic Travel: Combining Business With

(Just Now) Business travel expenses can potentially be deducted if the travel is within the United States and the expenses are: “Ordinary and necessary” Directly related to the business; Note: The tax rules for foreign business travel are different from those for domestic travel.

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Follow These Rules When Deducting Business Travel Expenses

(9 days ago) The rules for deducting the costs of a spouse who accompanies you on a business trip are very restrictive. No deduction is allowed unless the spouse is an employee of you or your company, and the spouse’s travel is also for a business purpose. Finally, note that personal expenses you incur at home as a result of taking the trip aren’t

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The IRS provides guidance on meal and entertainment

(4 days ago) Travel meal expenses. Although the TCJA didn’t explicitly change the rules for travel expenses, the proposed regs are intended to provide comprehensive rules for food and beverage expenses. As a result, they apply the general rules for meal expenses to travel meals.

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Guide to Claiming a Federal Tax Deduction for Moving Costs

(Just Now) Meal costs during move-related travel aren’t deductible. Nor is any part of the purchase price of a new home or expenses incurred selling your old one. And, if your employer later reimburses you for any of the moving costs you’ve deducted, you may have to include the reimbursement as income on your tax return.

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The Home Office Deduction: Actual Expenses Vs. the

(8 days ago) New Per Diem Business Travel Rates Became Effective on October 1; Barnes Wendling CPAs Is a 2021 NorthCoast 99 Award Winner for the 11th Year; 2021 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

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Exit Planning Services

(4 days ago) Successfully enhance the value of your business through proper planning. According to the Exit Planning Institute, 50% of exits are not voluntary; therefore, it is vital to have an exit planning strategy in place.Our Exit Planning advisors will work with you to enhance the value of your business to ensure a successful business transition.

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1031 Exchanges and Qualified Opportunity Funds: What Are

(3 days ago) Real estate investors have used 1031 “like-kind” exchanges to defer capital gains taxes on the proceeds from the sale of real property for nearly 100 years. But passage of the Tax Cuts and Jobs Act of 2017 added a new tax-deferral provision to the tax code for investors who reinvest proceeds from the sale of real property into certain types of new property.

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Tax Benefits Help Military Members Balance Tax Obligations

(3 days ago) Deduction of overnight travel expenses. Members of reserve components (including the National Guard) who stay overnight more than 100 miles from home for drill or other military duties may deduct unreimbursed travel expenses. Moving expenses may be tax deductible.

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How To “Aggregate” Your Business for the Pass-Through

(Just Now) One of the most valuable tax breaks in the Tax Cuts and Jobs Act (TCJA) is the new deduction for up to 20 percent of qualified business income (QBI) from pass-through entities. The IRS recently issued proposed…

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Meal Expenses Archives Cleveland CPA Accounting Firm

(9 days ago) In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” business travel rates that became effective October 1, 2021. Taxpayers can use these rates… Posted in Blog Tagged business owner , Business Travel , Expenses , Meal Expenses , travel expenses

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Good records are the key to tax deductions and trouble

(2 days ago) In this case, married taxpayers were partners in a travel agency and owners of a marketing company. The IRS denied their deductions involving auto expenses, gifts, meals and travel because of insufficient documentation. The couple produced no evidence about the business purpose of gifts they had given.

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The cents-per-mile rate for business miles decreases again

(9 days ago) TRAVEL EXPENSE LIMITATIONS FOR 2021. This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile.As a result, you might claim a lower deduction for vehicle-related expenses for 2021 than you could for 2020 or 2019.

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Small Business Records and Tax Documents Barnes Wendling

(6 days ago) For travel and transportation expenses supported by mileage logs and other receipts, keep supporting documents for the three-year statute of limitations period. Regulations for sales tax returns vary by state. Check the rules for the states where you file sales tax returns. Retention periods typically range from three to six years.

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Employee retention tax credit (ERTC)

(9 days ago) travel, or the size of group meetings. •FAQs on IRS website: •The operation of a trade or business is partially suspended if an appropriate governmental authority imposes restrictions on the employer’s operations by limiting commerce, travel, or group meetings (for commercial, social, religious,

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IRS Issues Proposed Regs On Business Interest Expense

(6 days ago) In April 2018, the IRS released temporary guidance on the amended limit on deductions for business interest expense for tax years beginning in 2018. Taxpayers were allowed to rely on that guidance while waiting for regulations. The…

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6 Tips for Contingency Planning: Preparing Your Business

(Just Now) As the Chief Financial Officer of our company, I am acutely aware of the need for relevant and timely advice from outside professionals. Those to whom we look for knowledge beyond ours, financial and managerial expertise outside of our own and proficiencies that are not found within our organization must possess more than simply technical knowledge.

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5 Key Points about Bonus Depreciation and How You Can Benefit

(9 days ago) As the Chief Financial Officer of our company, I am acutely aware of the need for relevant and timely advice from outside professionals. Those to whom we look for knowledge beyond ours, financial and managerial expertise outside of our own and proficiencies that are not found within our organization must possess more than simply technical knowledge.

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TCJA Meals and Entertainment Deductions Barnes Wendling CPAs

(2 days ago) Travel/mileage – 100% deductible. Meals – 50% deductible. Sporting event tickets – Nondeductible. Drinks during the sporting event – qualifies as 50% deductible under Meals. However, there are situations where expenses incurred are exempt from the limitations imposed by the TCJA.

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Top 5 Benefits of Offsite Construction Cleveland CPA

(Just Now) Since the recession hit in 2007, the construction market seems to be stagnant in terms of productivity and implementing cost-saving strategies; however, modular construction and prefabrication may be the future of the industry, offering many ways to expedite the construction process while saving

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Proposed Tax Changes Debate Continues in Congress

(6 days ago) New Per Diem Business Travel Rates Became Effective on October 1. 2021 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers. read all related topics Contact Us. Featured Client Testimonials. We value the trust, accuracy of information, and reliability of Barnes Wendling and Mike Essenmacher personally. Mike has been instrumental as

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Retirement Planning for Baby Boomers: It's Not too Late to

(5 days ago) Perhaps you’ll want to travel, play golf, start a hobby, or take classes at a local college or school. Factor those, as well as health care costs, into your budget. Our Financial Advice Experts Will Help You Figure Out the Best Plan for Retirement.

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Spending Bill Extends Tax Breaks, Adds Retirement Account

(9 days ago) Travel expenses related to medical care are deductible, too. If you’re expecting to incur medical expenses early in 2020, you may now find it worthwhile to expedite, if possible, those costs into 2019 to qualify for the deduction on your 2019 income tax return or increase your 2019 deduction.

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How Young Adults Can Secure Their Financial Future Through

(Just Now) Listen as Barnes Wendling Director Mike Pappas and Director of Private Wealth Management with The BCJC Group of Baird, Jerry Jarzabek, CFP, CPWA, share their investment insights for college students and young professionals. Both discuss the strategies to start implementing now to secure the ultimate financial future.

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Act Now! Ways to Cut Your 2018 Tax Bill Cleveland CPA

(Just Now) Travel expenses related to medical care are also deductible. Offset Capital Gains The strategy of “ loss harvesting ” to shield gains from the capital gains tax remains advisable for 2018, particularly for high-income taxpayers.

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Capital vs. Ordinary: Classifying Income and Losses

(1 days ago) Typically, classifying gains and losses from selling an asset is fairly straightforward. However, there are some gray areas that may require a closer look at the facts and circumstances.

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Understanding How Taxes Factor Into an M&A Transaction

(5 days ago) Merger and acquisition activity has been brisk in recent years. If your business is considering merging with, or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. Assets…

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Business Interest Expense Deductions Barnes Wendling CPAs

(5 days ago) The IRS has issued interim guidance on the new business interest expense deductions created by the Tax Cuts and Jobs Act. Even though the guidance offers needed clarification, areas of ambiguity remain.

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Work Opportunity Tax Credit extended through 2020

(1 days ago) If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC).. The WOTC was set to expire on Dec. 31, 2019. But a new law passed late last year extends it through Dec. 31, 2020.

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Ohio HB 5 & Construction Companies Barnes Wendling CPAs

(1 days ago) Assume travel to each city takes .5 hours. If the employee works in Euclid for three hours and Bedford for four hours, the time worked in Cleveland amounts to one hour. The employee is deemed to have worked in Bedford all day because most of the day was spent there.

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Inventory Management for Manufacturers Barnes Wendling CPAs

(1 days ago) Fortunately, there are several proven inventory management best practices for manufacturers that will help streamline your business for future success. 1. Control Your Amount of Inventory. Your priority when managing your inventory should be to keep it to a minimum.

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Partnership Tax Status Downfalls Barnes Wendling CPAs

(6 days ago) For tax years beginning in 2017, the monthly penalty for failing to file a partnership return or failing to provide required information is $200 per partner. The penalty can be assessed for a maximum of 12 months. The IRS provides a limited exemption from the failure-to-file penalty, however.

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4 Ways to Control the Unemployment Tax Costs of Your

(3 days ago) As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6 percent but can be reduced by a credit (described below).

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2016 IRS Regulations Impact on Valuation Discounts

(9 days ago) The business valuation and estate and planning community have heard the same type of rumors every few years – the IRS would be looking to make changes to try and eliminate or reduce the use of valuation discounts when analyzing the transfers of ownership interests for estate gift or …

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Payroll Tax Deferral: IRS Gives an Update issued on Aug. 28

(3 days ago) In addition, the Memorandum said the Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred. As directed by the Memorandum, the Internal Revenue Service issued Notice 2020-65 (IRS Notice) on Aug. 28, 2020. On Sept. 3 the IRS confirmed the payroll tax deferral is optional.

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TCJA Pass Through Business Losses Barnes Wendling CPAs

(7 days ago) Pass-through business owners should know when can losses be deducted and how much can you deduct in any given year. But the TCJA has changed some rules, and you may not find the changes favorable.

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5 Reasons to Revisit Buy-Sell Agreements Barnes Wendling

(7 days ago) For example, an owner of a company travels to Hawaii for a business conference and wants to bring their family. If they charge their family’s travel expenses as a business expense, that’s a discretionary item, and those discretionary items affect the bottom line.

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Warning! 4 Signs Your Nonprofit Could be in Financial

(1 days ago) Signs of financial distress in a non-profit can be subtle. However, board members have a responsibility to recognize any issues and do everything in their power to avert potential disaster. The following is a list of several…

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Fundraising Amid COVID-19 May Hit Non-Profits' 2020

(4 days ago) Loss of Fundraising Amid COVID-19 Crisis May Hit Non-Profits’ 2020 Financial Results. As recently as late February, The Nonprofit Times reported that charitable giving in the U.S. was projected to grow by nearly 5 percent in 2020, according to The Philanthropy Outlook 2020 & 2021 report by the Lilly Family School of Philanthropy at Indiana

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Large Cash Transactions With Your Business Must Be

(2 days ago) Businesses required to file reports of large cash transactions on Form 8300 should know that in addition to filing on paper, e-filing is an option. The form is due 15 days after a transaction and there’s no charge for the e-file option. Businesses that file electronically get an automatic acknowledgment of receipt when they file.

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Answers to questions about the CARES Act employee

(2 days ago) The operation of a business is partially suspended if a government authority imposes restrictions by limiting commerce, travel or group meetings due to COVID-19 so that the business still continues but operates below its normal capacity. Example: A state governor issues an executive order closing all restaurants and similar establishments to

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Business Owners and IRS Audits Barnes Wendling CPAs

(Just Now) As the Chief Financial Officer of our company, I am acutely aware of the need for relevant and timely advice from outside professionals. Those to whom we look for knowledge beyond ours, financial and managerial expertise outside of our own and proficiencies that are not found within our organization must possess more than simply technical knowledge.

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Review Your Business Expense Deductibility: Did the TCJA

(8 days ago) As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be…

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How to Accelerate Retirement Savings Barnes Wendling CPAs

(5 days ago) Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper retirement-planning efforts.

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