IRS Announces Special Per Diem Rates for Travel Away From
For travel within the continental United States, the optional high-low method designates one per diem rate for all high-cost locations and another for all other locations. Employers can use the high-low method for substantiating lodging, meals, …
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What Are the Tax Consequences of Providing Per Diem
(6 days ago) ANSWER: Per diem payments are often used to simplify compliance with the accountable plan rules that allow business travel reimbursements to be excluded from employees’ gross income. Under those rules, reimbursed expenses must be …
IRS Letter Explains How One-Year Rule Affects Exclusion …
(7 days ago) Travel expenses are deductible under that Code provision only if the taxpayer is traveling “away from home” in the pursuit of a trade or business. A taxpayer is not considered away from home, however, if the assignment exceeds one year. The information letter responds to a request for a waiver or other action allowing certain employees and
Travel Deduction Denied Because Client’s Offices Became
(2 days ago) Comm’r, T.C. Memo. 2019-30 (Apr. 8, 2019) The IRS challenged travel expense deductions claimed by a self-employed business consultant who maintained a personal residence in Georgia and had worked as a concierge CFO for multiple clients. Prior to the tax years at issue, the consultant worked from various locations, including his residence.
IRS Announces Special Per Diem Rates for Travel Away From
(3 days ago) For travel within the continental United States, the optional high-low method designates one per diem rate for all high-cost locations and another for all other locations. Employers can use the high-low method for substantiating lodging, meals, and incidental expenses, or for substantiating meal and incidental expenses only (M&IE).
Simplified per-diem rates increase for post-Sept. 30, 2018
(9 days ago) Under the optional high-low method for post-Sept. 30, 2018 travel, the high-cost-area per diem is $287 (up from $284), consisting of $216 for lodging and $71 for M&IE. The per-diem for all other localities is $195 (up from $191), consisting of $135 for lodging and $60 for M&IE. ( Notice 2018-77, Sec. 5.01) Changes in high-low per-diem localities.
FAQs for Aliens Claiming Medical Condition Exceptions or
(Just Now) IRS has issued FAQs for nonresident aliens who wish to avail themselves of the Medical Condition Exception or the Medical Condition Travel Exception to the substantial presence test, i.e., the test under which nonresident aliens are taxed as U.S. residents.
IRS Issues 2016 Version of Publication 463 on Travel
(5 days ago) The IRS has released its latest version of Publication 463 (Travel, Entertainment, Gift, and Car Expenses) for use in preparing 2016 tax returns. This publication explains when employees and sole proprietors may deduct work-related travel, entertainment, gift, or transportation expenses on their federal income tax returns, and how to calculate
Can Employers Still Reimburse Bicycle Commuting …
(3 days ago) A month was “qualified” only if the employee’s bicycle was used for a substantial portion of the travel between home and work, and the employee did not receive any other qualified transportation fringe benefit during that month. For taxable years beginning after 2017 and before 2026, Congress suspended the exclusion for qualified bicycle
IRS Updates Fringe Benefit Guide for State and Local
(8 days ago) Travel and Transportation Expense Reimbursements. The list of cases and guidance regarding the “sleep/rest test” has been revised and supplemented, and the publication now refers users to the GSA per diem rate webpage for federal per diem rates. Also, the discussion of reimbursements for temporary assignments adds more details regarding
U.S. Tax Reporter: Income Law Firms Tax Thomson Reuters
(6 days ago) Travel, Entertainment & Gift Expenses (¶2744 -- ¶2914) ¶2744 Disallowance of certain entertainment, gift, and travel expenses. ¶280A4 Overview. ¶280C4 Certain expenses for which credits are allowable. ¶280F4 Limits on depreciation write-offs for passenger automobiles and listed property. ¶280G4 “Golden parachute” payments.
Draft Nonresident Alien Instructions Updated to Remove
(7 days ago) The IRS has issued draft instructions to Form 8233, Exemption From Withholding on Compensation for Independent (and Certain Dependent) Personal Services of a Nonresident Alien Individual, removing reference to the COVID-19 Medical Condition Travel Exception, which was only available in 2020.
Can Employees Take a Tax Deduction for Unreimbursed
(6 days ago) For some expenses, such as travel expenses, the administrative burden of reimbursements on the employer and employees can be reduced by using per diems or other streamlined substantiation methods (e.g., mileage rates). Alternatively, employers can provide reimbursements that do not satisfy the accountable plan rules, reporting those
IRS Releases 2018 Versions of Form 2106 and Publication 463
(6 days ago) Instructions. Publication 463. The IRS has released the 2018 versions of Form 2106, used to determine and claim employee business expense deductions, and Publication 463, which explains the deductions available to employees and sole proprietors for business-related travel, non-entertainment-related meals, gifts, and transportation expenses.
Quickfinder Premium Handbook: Taxation Handbook and eBook
(2 days ago) To order the current or prior tax year editions, please call us at 800-431-9025. Paragraph 1. The Premium Quickfinder Handbook is your trusted source for quick reference to tax principles that apply when preparing individual, business and fiduciary income, estate and …
Revised Publication 521 Explains Limited Moving Expense
(5 days ago) Revised Publication 521 Explains Limited Moving Expense Deduction and Exclusion for 2018. The IRS has substantially revised Publication 521 (Moving Expenses) to reflect limitations on the moving expense deduction and the exclusion for moving expense reimbursements imposed by the Tax Cuts and Jobs Act. Those limitations suspended the deduction
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Can Employers Still Reimburse Their Employees’ Moving
(8 days ago) ANSWER: The Tax Cuts and Jobs Act suspended the moving expense deduction for individuals and the exclusion for amounts employers pay for deductible moving expenses (“qualified moving expense reimbursements”) for taxable years beginning after 2017 and before 2026. During that suspension period, only members of the Armed Forces on active duty
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IRS Announces 2021 Standard Mileage Rates and Vehicle
(8 days ago) For 2021, the business standard mileage rate is 56 cents per mile (a 1.5 cent decrease from the 57.5 cents rate for 2020), and the rate when an automobile is used to obtain medical care —which may be deductible under Code § 213 if it is primarily for, and essential to, the medical care—will be 16 cents per mile for 2021.
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IRS Announces 2020 Standard Mileage Rates and Vehicle
(8 days ago) News Release. The IRS has announced the 2020 standard mileage rates for business, medical, and other uses of an automobile, and the 2020 vehicle values that limit the application of certain rules for valuing an automobile’s use. For 2020, the business standard mileage rate is 57.5 cents per mile (a half-cent decrease from the 2019 rate), and
IRS Issues Final Regulations on Deductions for Meal and
(5 days ago) The IRS has issued final regulations under Code § 274 addressing the effects of the Tax Cuts and Jobs Act (TCJA) on business expense deductions for meals and entertainment. Effective after 2017, the TCJA eliminated deductions for entertainment expenses and reduced the deduction for certain food and beverage expenses to 50% (see our Checkpoint
IRS Announces 2021 Automobile Depreciation Deduction
(8 days ago) While not mentioned in this guidance, employers providing company cars must also consider the effect of Code § 274(l), which disallows any deduction for expenses relating to travel between an employee’s residence and place of employment (see our Checkpoint article).
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IRS Updates Per Diem Guidance to Reflect Tax Cuts and Jobs
(7 days ago) The discussion of business travel expense deductions has been narrowed to focus on those employees—including qualified performing artists, fee-basis state or local government officials, eligible educators, and Armed Forces reservists—who can still take travel expense deductions because their deductions reduce their adjusted gross income (i
PPC's Guide to Tax Planning for High-Income Individuals
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What Dental Expenses Can a Limited-Purpose Health FSA
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