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The IRS Announces New Per Diem Rates Effective October …

The IRS recently released Notice 2021-52 to give the updated per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses they incur while traveling away from home. Taxpayers may use …

Actived: 6 days ago

URL: https://www.eidebailly.com/insights/blogs/2021/9/per-diem-rate-update-202110

Attorney’s Mileage Deduction Runs Out of Gas

(2 days ago) The moral: Travel expenses can be a big deal. You need to keep track of them like they are if you want to deduct them. Keep a mileage log that includes dates and business reasons for your trips. Keep an appointment calendar that backs up your log. Keep your travel receipts for your hotel and meal expenses on the road.

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The Ins and Outs of Mileage Reimbursement

(3 days ago) The impact of COVID-19 and the ensuing uncertainty has caused many organizations to review otherwise standard operating procedures. What began as office closures now includes potentially permanent remote or flexible work arrangements. A key consideration for organizations is mileage reimbursement, specifically the reimbursement of mileage to an employee using their own vehicle for …

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Cybersecurity Trends

(6 days ago) The hackers had taken travel reservation data including names, contact information, and payment card information. Google is now managing the impact and cost of a security breach that occurred at a vendor (Sabre) used by their vendor (CWT). This story highlights a significant challenge all organizations face as they enter into vendor

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How to Create an Effective Expense Reimbursement Plan

(1 days ago) When it comes to organization-owned or leased vehicles, employees must furnish the date of travel, the number of miles driven, whether it was for personal or business and the odometer reading. If your policy also includes reimbursement for personal vehicles , the DOL states you have to have at least one record that includes the date of travel

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COVID-19 Legislation and How it Impacts Local …

(8 days ago) Cancelled activities or travel. ED will permit grantees and subgrantees to use federal funds to pay costs related to a cancelled grant-related conference, training, or other activity. Grantees and subgrantees must first seek to recover nonrefundable costs and exercise any emergency or “act of God” contract provision that might be available.

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Effects of COVID-19 on Organizations & Individuals

(6 days ago) Business leaders are facing a time of great change and reinvention. The impacts of COVID-19 have touched nearly every facet of an organization, from payroll to auditing standards to how organizations conduct day-to-day operations. Article. How COVID-19 is Directly Impacting Your Payroll.

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Can Banks Cash in on the Employee Retention Credit

(2 days ago) The second scenario involves a bank having its operations fully or partially suspended by an appropriate government authority limiting commerce, travel or group meetings due to COVID-19 in a manner that affects the bank’s operations. How does the …

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Telecommuting Workers in Refuge States Complicate State Taxes

(4 days ago) Employees that travel outside of their state of residence or employer state, even if just for one day, may be required to file an individual income tax return and pay tax on wages based on where their services were performed. Most states do not have physical presence thresholds, like a minimum number of days before an individual is required to

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Budgeting and Cash Flow Management for Your Government in

(6 days ago) Travel services and leisure Hospitality; Higher risk cities will be those who have greater than a 15% employment share in those industries and a greater than 25% share in variable general fund revenues such as non-property tax. Special Districts

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What You Need to Know About Personal Use of Company Vehicle

(3 days ago) Personal use of a company vehicle for non-work-related purposes is a taxable perk known as a de minimis benefit. Personal use of a company vehicle includes: Your employee’s commute between home and work, if it’s on a regular basis. Trips unrelated to your organization’s purpose, work, trade, etc. Use on a vacation or on the weekend.

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Tax News & Views Per Diem & Tax Deferral

(5 days ago) The meals & incidental expenses only per diem for travel to those destinations remain $71 for travel to a high-cost locality and $60 for travel to any other locality within the continental United States.” The entire list can be found here. Third estimated tax payment due Sept. 15 – Kay Bell, Don’t Mess With Taxes. “If you get money that

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What to Know About the Employee Retention Credit

(Just Now) What to Know About the Employee Retention Credit. The Employee Retention Credit (ERC) is a refundable tax credit of up to $5,000 per employee. It was created by the CARES Act and is designed to help and encourage employers whose businesses are negatively affected by COVID-19 to keep employees on their payroll.

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How to Reduce Your Fraud Risk

(1 days ago) The impact of fraud is far-reaching and can have devastating effects on an organization’s bottom line. It is important to be aware of the trends in fraud, so your organization can avoid occupational fraud and abuse. The longer a fraud scheme occurs without detection, the greater the financial damage.

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Common Single Audit Findings and Remediation Series

(8 days ago) (f) Travel. When the travel is taken. (g) Rental of real or personal property. When the state or subgrantee uses the property. (h) A pre-award cost that was properly approved by the state under the cost principles. On the first day of the subgrant period.

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Troy Atkinson, CPA

(8 days ago) Troy focuses exclusively on auditing the financial statements of Employee Benefit Plans. He attends trustee meetings to report on the annual audit and communication letters to those in charge of governance. Troy spends the time to fully develop internal control improvements and best practices for trust funds. He follows these suggestions through the coordination with plan professionals

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Tax News & Views New PPP Guidance Roundup

(5 days ago) However, there’s going to be travel limitations; the court will not be traveling for its fall trial calendar,” according to Tax Court Judge Ronald L. Buch. “What the court will be doing is it will be conducting remote calendar calls, and to the extent that trials are necessary, remote trials.”

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Tax News & Views Agenda Delayed Roundup

(4 days ago) Rami Khalaf, the owner of Khalaf Motors, had challenged the Tax Court’s denial of claimed deductions for travel expenses to the United Arab Emirates, including $7,000 to rent a vehicle from one of his sisters and $3,150 to rent an apartment from another sister. He also claimed a $7,280 deduction for depreciation on a dune buggy used as a

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What to Know About PPP Options for Destination Marketing

(6 days ago) Assists with the location of meeting and convention sites; provides travel information on area attractions, lodging and food; provides maps; or organizes tours. Derives the majority of its operating budget from revenue from live events. Eligibility Requirements for both destination marketing organizations and 501(c)(6) Organizations Under PPP

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Tax News & Views Help is Here!

(5 days ago) "It is clear legislation will focus on employees in heavily affected industries such as healthcare, travel, transportation, hospitality, education, lodging, and energy industries." Stay informed! This is a roundup of tax news and opinion. Any opinions expressed or implied are those of the author and not necessarily those of Eide Bailly.

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New Rules Published By the IRS Can Help Dentists Receive

(7 days ago) Further, such a declaration that limits commerce, travel or group meetings, but does so in a manner that does not relate to the suspension of an employer's operation, of its trade or business, does not rise to the level of a government order for purposes of the employer's determination of its eligibility for the Employee Retention Credit.

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Explore the Benefits of Working at Eide Bailly

(2 days ago) At Eide Bailly, we promote happy, engaged staff by making work/life balance a top priority. We promote happy, engaged staff by making work/life balance a top priority. We promise our professionals a different kind of working experience—one full of challenge, but also rich in meaning.

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Top 10 Things Every College Student Should Do This Summer

(5 days ago) The experience of travel helps to build confidence and self-sufficiency and can even build your cultural awareness. 10. Get moving. Studying for finals can be brutal. Late-night pizza, stress-eating snacks and cramming for the big exam can make it difficult to find time for exercise. Try plugging in your headphones and going for a walk or a jog

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The Impact of COVID-19 on Healthcare: Relief Provisions

(3 days ago) Adjustment payments will be distributed on a weekly basis upon confirmation by HHS. $12 billion of targeted relief for hospitals in COVID-19 hot spots. Funds were distributed to 395 hospitals that provided inpatient care for 100 or more COVID-19 patients through April 10, 2020, mostly located in New York.

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Contractor or Subrecipient: The Devil is in the Details

(7 days ago) Contractor or Subrecipient: The Devil is in the Details. One of the most confusing areas of federal grant compliance for clients and auditors alike is subrecipient monitoring. With the recent federal funding received due to the COVID-19 pandemic, more entities than ever before are being asked to consider whether payments are being made to a

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Why It’s Important to Report Cash Payments over $10,000

(5 days ago) Where separate payments of cash and certain negotiable instruments are under $10,000, but are part of one or more related transactions, which taken together would total more than $10,000, the filing of Form 8300 is required. The Form 8300 must be filed within 15 days of the payment that caused the aggregate to be over $10,000.

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Tax News & Views Penguin Passport Roundup

(5 days ago) The Governor is expected to sign. The new provisions will take effect in 2022. Washington State Governor Signs into Law Excise Tax on Certain Capital Gain Income - Adam Sweet and John Gupta, Eide Bailly. "Generally, this new legislation imposes a 7% tax on the net annual amount of long-term gains from the sale or exchange of stocks, bonds, and

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Cost Allocations

(Just Now) The natural expense classifications include classes such as salaries, legal fees, office expenses, and travel, just to name a few. Part IX of the IRS Form 990 is the statement of functional expenses section of the form and provides the natural expense classification detail that is required to be disclosed and submitted to the IRS.

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Update: House tax-writing committee starts public debate

(5 days ago) Those sections of the bill now travel to the House Budget Committee. The Big Picture: The House Ways and Means Committee is not the only House committee that is drafting legislation for the $3.5 trillion tax and spending bill. Currently, the goal is for all the House committees to complete their bills by September 15 and submit them to the

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Tax News & Views Coronavirus Roller Coaster Roundup

(5 days ago) Courts Defer Hearings, IRS Limits Travel Amid Virus Concerns - William Hoffman, Tax Notes ($) From the Tax Court announcement: Effective March 9, 2020, and until further notice, out of an abundance of caution, the Court is encouraging social distancing and will therefore limit the number of people in the courtroom at any one time.

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Industry Updates and Career Guidance for Dentists

(9 days ago) Now, travel is starting up again. Take more time off, plan your schedule, go see the world. Go do things that you want to do. I mean, I have a whole bucket list of places. I've been to a lot of places, but I've still got a bucket list of places that I want to go. Make time for your hobbies. It will make you happier, gives you things to talk

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Tax News & Views Deduction Disallowance Double-Dip Roundup

(5 days ago) The Internal Revenue Service said last week that employers would be ineligible for the tax credit if they are paying no wages but are still paying health benefits, a decision that could affect many large retailers and travel-industry companies operating that way during the coronavirus pandemic."

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What Higher Education Organizations Need to Know About the

(Just Now) What Higher Education Organizations Need to Know About the CARES ACT. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is an effort to provide relief to the individuals, businesses, and certain industries significantly impacted by the COVID-19 pandemic. Included in the CARES Act is the Education Stabilization Fund, which

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Doing Business in Canada: Plan Ahead to Avoid Any Tax

(7 days ago) The U.S./Canada Tax Treaty. While a company in Canada may be considered to be carrying on business, it does not mean that income tax or Value Added Taxes (VAT) must be paid to Canada. The U.S./Canada tax treaty assists in determining the extent of required tax obligations. If a U.S. company is considered to have a PE in Canada (fixed place of

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Tax News & Views Take It Or Leave It Roundup

(5 days ago) “All that relief is premised on a certain state of the world, with certain kinds of travel disruptions. We see that travel disruptions are beginning to get better, although of course they still exist,” James Wang, attorney-adviser, Treasury Office of International Tax Counsel, said, adding that Treasury is still monitoring the situation.

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Revenue Recognition

(2 days ago) In FASB Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, FASB provides a 5-step framework for determining revenue recognition. Leading up to step four, an entity will have identified all the performance obligations and …

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Tax Reform Impact on Businesses

(3 days ago) The recently enacted tax reform legislation – informally called the Tax Cuts and Jobs Act – represents the most significant overhaul of our tax laws in over 30 years. The act contains substantial changes to the taxation of businesses, individuals, multi-national companies, tax-exempt organizations and others. Now, businesses large and small are considering the numerous changes that may

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Keep It Simple: Year-End Planning 2020

(5 days ago) Knowing the details of the employer—employee relationship is the first step to a deeper understanding of your reporting duties as a business owner. Dig deeper to find out whether your employees are 1099 contractors or W2 employees. Figuring out the type of employee you have is only the beginning of the year-end planning process.

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Tax News & Views Raised Eyebrow Roundup

(5 days ago) Revenue Procedure 2020-20 (PDF), which provides that, under certain circumstances, up to 60 consecutive calendar days of U.S. presence that are presumed to arise from travel disruptions caused by the COVID-19 emergency will not be counted for purposes of determining U.S. tax residency and for purposes of determining whether an individual

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Tax News & Views Gig Economy Information Gap Roundup

(5 days ago) Tax News & Views Gig Economy Information Gap Roundup. Fixing the Information Gap in the Gig Economy - Marie Sapirie, Tax Notes ($). “The coronavirus pandemic has magnified the problem of nonreporting and underreporting of gig work income by taxpayers who haven’t been getting information reporting from the online platforms they use to

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As of January 19, 2021

(2 days ago) • amounts collected for another by a travel agent, real estate agent, advertising agent, conference management service provider, freight forwarder or customs broker. All other items, such as subcontractor costs, reimbursements for purchases a contractor makes at a customer’s request, investment income, and employee-based costs such as

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Tax Reform: Impact on Insurance Companies

(2 days ago) Provisions Impacting All Corporations Including Insurance Companies. Corporate Tax Rate. The top corporate tax rate was reduced to 21 percent on January 1, 2018. The 21 percent rate is a “flat” tax that will apply regardless of a regular corporation’s taxable income; the progressive rate structure imposing a maximum 35 percent corporate tax rate is eliminated.

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Tax News & Views Autumn for Estate Planning Roundup

(5 days ago) "For meal and incidental expenses only, the rate is $74 for travel to any high-cost locality, and $64 for travel to any other locality within the continental US." Final Corporate Distribution Regs Reflect 1988 Law Changes - Kristen Parillo, Tax Notes ($).

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Private Foundations- Penalty Taxes

(8 days ago) Private foundations and all disqualified persons are normally permitted to hold up to 20% combined ownership of a business enterprise. If the private foundation owns 2% or less of the enterprise, the excess business holdings rules do not apply. Generally, tripping up on this rule will result in a penalty of 10% of the greatest value of excess

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Record Retention Guidelines

(8 days ago) Internal reports (miscellaneous) officers, etc., for travel and entertainment expenses).. 3 years Inventories of products, materials, and supplies .. 7 years Invoices (to customers, from vendors).. 7 years An Independent Member Firm of HLB International Rev: 01/2014

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