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What Are the Tax Consequences of Providing Per Diem Payments for Employee Travel Expenses?

ThomsonReuters

How can we keep the per diem payments from being treated as income to our employees, and how would those payments affect employees’ expense reporting? 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.

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IRS Announces Special Per Diem Rates for Travel Away From Home Beginning October 1, 2022

ThomsonReuters

This notice, which replaces IRS Notice 2021-52 (see our Checkpoint article ), announces rates for use under the optional high-low substantiation method, special rates for transportation industry employers, and the rate for taxpayers taking a deduction only for incidental expenses. Contributing Editors: EBIA Staff.

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Supreme Court’s Abortion Ruling Indirectly Impacts Employee Benefit Plans

ThomsonReuters

Furthermore, employers will have to consider whether to provide such benefits on a tax-favored basis (which limits the type and amount of expenses that may be covered) and whether to use an existing plan or establish a separate arrangement. Contributing Editors: EBIA Staff.

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Tracking Business Expenses on the Go

Pooley Accounting Services

Project accounting can be difficult to manage, especially if it includes tracking billable expenses on the go. When employees travel to a client’s location to install software or equipment, transportation and living expenses are billed to the client. Getting employees to document their expenses can be a struggle.

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IRS Announces Special Per Diem Rates for Travel Away From Home Beginning October 1, 2021

ThomsonReuters

This notice, which replaces IRS Notice 2020-71 (see our Checkpoint article ), announces rates for use under the optional high-low substantiation method, special rates for transportation industry employers, and the rate for taxpayers taking a deduction only for incidental expenses. Contributing Editors: EBIA Staff.