In Notice 2023-68, the IRS announced the 2023-2024 per diem rates that became effective October 1, 2023. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidentals when traveling away from…
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can…
Business travel has been picking up again this year. If your manufacturing company has recently resumed travel to visit key customers and suppliers — or is planning to soon — it’s a good time to review the…
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently…
Are employees at your business traveling again after months of virtual meetings? 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…
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are…
We originally published this article in 2021 but thought it relevant to re-share. We updated data for 2023. Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the…
We originally published this article in 2021 but thought it relevant to re-share. We updated data for 2023. If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some…
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