Tag: substantiate
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IRS Announces Per Diem Rates for Business Travel
In Notice 2020-71, the IRS announced per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020. Employers using these rates to set per diem allowances can treat the amount of certain categories of travel expenses as substantiated without requiring…
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You Still Have Time to Get Substantiation for 2018 Donations
If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your 2018 income tax return? It depends. Basic requirements…
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How Accountable Is Your Business?
Unless your company has an accountable plan, reimbursements to employees for business-related expenses are subject to income- and payroll-tax withholding. In other words, employees get taxed twice! An accountable plan is easy to set up; no IRS forms need to be filed. However, under your accountable plan: Payments must be for “ordinary and necessary” business…