FL - IRC conformity tie-in date updated, credit caps increased
Florida enacted legislation that updates the IRC conformity tie-in date for computing corporate income tax liability from January 1, 2022 […]
Read MoreThe IRS issued guidance related to the application of the per diem rules under Rev. Proc. 2019-48 to the temporary 100-percent deduction for business meals provided by a restaurant. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 ( P.L. 116-260) temporarily increased the deduction from 50 percent to 100 percent for a business’s restaurant food and beverage expenses for 2021 and 2022.
Application of Per Diem Rules
Under Rev. Proc. 2019-48, taxpayers using the per diem rules to substantiate deductible food and beverage expenses must still apply the 50-percent limitation. According to the IRS guidance, taxpayers that follow Rev. Proc. 2019-48 may treat the entire meal portion of a the per diem or allowance as being attributable to food or beverages provided by a restaurant.
Effective Date
This IRS guidance is effective for the meal portion of per diem allowances for lodging and M&IE, or for M&IE only that are paid or incurred by an employer after December 31, 2020, and before January 1, 2023.
Florida enacted legislation that updates the IRC conformity tie-in date for computing corporate income tax liability from January 1, 2022 […]
Read MoreThe IRS has informed taxpayers who make energy improvements to their existing residence including solar, wind, geothermal, fuel cells or […]
Read MoreThe IRS has modified Notice 2014-21 to remove Background section information stating that virtual currency does not have legal tender status in […]
Read MoreThe IRS and Department of the Treasury announced that public hearings conducted by the Service will no longer conduct public hearings on notices of proposed rulemaking solely by telephone […]
Read MoreIn recognition of National Hurricane Preparedness Week and National Wildfire Awareness month, the IRS reminded taxpayers to have a year […]
Read MoreThe IRS has updated the Allowable Living Expense (ALE) Standards, effective April 24, 2023.The ALE standards reduce subjectivity when determining what a taxpayer may claim as basic living expenses to avoid undue hardship […]
Read MoreThe IRS has released the 2024 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2024, the annual limitation on deductions under Code Sec. 223(b)(2) for an […]
Read MoreThe IRS, as part of the National Small Business week initiative, has urged business taxpayers to begin planning now to take advantage of tax–saving opportunities and get ready for reporting changes that take effect in 2023. The […]
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