article thumbnail

The Disruption of Transportation

RogerRossmeisl

“The Great Transformation” is a deep dive into the key technologies that are converging in the 2020s and how they will disrupt the five foundational sectors of the economy: Information, Food, Energy, Transportation and Materials. . The post The Disruption of Transportation appeared first on Roger Rossmeisl, CPA.

article thumbnail

Sales tax on shipping: latest updates

TaxConnex

If delivery is made in the seller’s own vehicle or in equipment leased by him or her, transportation charges are subject to sales or use tax. Illinois : S&H taxable when the transportation and delivery charges aren’t separately identified to the purchaser on the contract or invoice, among other conditions.

Sales 264
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Are There Any Substantiation Requirements for Transit Passes Distributed by a Qualified Transportation Plan?

ThomsonReuters

QUESTION: Our company’s qualified transportation plan allows employees to purchase transit passes with pre-tax compensation. ANSWER: The Code provision authorizing qualified transportation plans indicates that the tax benefits under a qualified transportation plan are for “employees.” Contributing Editors: EBIA Staff.

article thumbnail

Is an Annual Report on Form 5500 Required for a Qualified Transportation Fringe Benefit Plan?

ThomsonReuters

QUESTION: Our company has a qualified transportation fringe benefit plan under Code § 132(f) that allows participants to pay for parking, transit passes, and vanpooling on a tax-free basis. Qualified transportation fringe benefit plans may only offer qualified parking, transit pass, or vanpooling. ANSWER: No.

article thumbnail

New Per Diem Business Travel Rates Became Effective on October 1

RogerRossmeisl

Taxpayers in the transportation industry can use a special transportation industry rate.) Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home.

article thumbnail

IRS Releases 2022 Cost-of-Living Adjustments for Health FSAs, Transportation Benefits, Adoption Assistance, and More

ThomsonReuters

Qualified Transportation Fringe Benefits. The post IRS Releases 2022 Cost-of-Living Adjustments for Health FSAs, Transportation Benefits, Adoption Assistance, and More appeared first on Tax & Accounting Blog Posts by Thomson Reuters. News Release. Contributing Editors: EBIA Staff.

article thumbnail

IRS Releases 2023 Cost-of-Living Adjustments for Health FSAs, Transportation Benefits, Adoption Assistance, and More

ThomsonReuters

Qualified Transportation Fringe Benefits. The post IRS Releases 2023 Cost-of-Living Adjustments for Health FSAs, Transportation Benefits, Adoption Assistance, and More appeared first on Tax & Accounting Blog Posts by Thomson Reuters. News Release. Contributing Editors: EBIA Staff.