Tag: travel

  • IRS Announces Per Diem Rates for Business Travel

    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…

  • Tax Document Retention Guidelines for Small Businesses

    Tax Document Retention Guidelines for Small Businesses

    You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with a multitude of digital tax-related…