The article reports on the decision of the Internal Revenue Service (IRS) to issue new rules for employee travel on company-owned aircraft in the U.S. The implementation of the new rules feature a tax law change that limits a company's deductions for the costs of operating aircraft owned ...
Fortunately, complying with IRS rules for your new business isn’t too complicated once you understand the basics. Here’s what you need to know as an Etsy seller. At a glance: Etsy tracks and reports your sales throughForm 1099-K. You’ll receive this form if you had over $5,000 in...
The U.S. Internal Revenue Service (IRS) has updated the substantiation rules for business travel-related lodging, meals and incidental expenses as of November 21, 2003. If one reimburses for business-related travel expenses using the federal per diems, one can eliminate calculations and reduce pa...
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Keeping a careful mileage log is not only good practice, but necessary to follow IRS rules. By diligently recording your business travel, you protect yourself in an audit. You also ensure that you report your expenses correctly. Elements of an IRS-Compliant Mileage Log ...
Rev. Proc. 2019-48 provided general rules for using a federal per-diem rate to substantiate the amount of ordinary and necessary expenses for lodging, meals, and incidental costs paid or incurred for business-related travel away from home. ...
Travel required for Reserve duty Tax-exempt and taxable allowances (i.e., need-specific payments in military pay) Tax-free “combat pay” for service in designated combat zones Certain tax-filing extensions Legal residency rules for state income tax filing (service members and spouses) ...
Continuing Education Credits:Click the 'Credits' tab above for information on PHR/SPHR, PDCs, and other CE credits offered by taking this course. Have Questions?Contact Us For More Information Order: IRS taxation Rules For Highly Compensated Employees Available 1:00 till 2:30pm Eastern or via ...
Publication 535, Business Expenses is anInternal Revenue Service (IRS)document that discusses common business expenses and explains the rules for deducting business expenses. The guide explains what is and is not deductible, and lists some of the most common business deductions. ...
Under IRS rules, you can only deduct a portion of your driving expenses for business and work travel. And there are two ways to do this: the standard mileage method and the actual expense method. However, it isn't as easy as picking the method you want or is most convenient. Certain ...