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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.
The transportation element of any business boils down to efficiency and productivity. In terms of mileage, there is a true slew of accounting and management issues: how many miles, how quickly an employee can get to the next meeting, how to reimburse — take your pick. Getting from A to B is all about data and analytics.
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.
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.
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.
This week saw Uber carry on in its payments-innovating tradition with the rollout of Uber Cash earlier this week, providing a closed-loop payment network that lets consumers easily add funds to its stored value account for use across the Uber ecosystem. Wells Fargo: No good, terrible week for Wells.
For more information on the underlying employee benefits issues, see EBIA’s Cafeteria Plans manual at Sections XX.D (“ExpensesReimbursed Must Be for Medical Care”) and XX.L.8 The post Supreme Court’s Abortion Ruling Indirectly Impacts Employee Benefit Plans appeared first on Tax & Accounting Blog Posts by Thomson Reuters.
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