Most tax practitioners are familiar with reasonable cause as the basis for penalty abatement. But many often overlook another important reason for penalty abatement: the so-called...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/27/2022
Employee expenses are no longer deductible. Nevertheless, if the employer reimburses the employee under an accountable plan, the reimbursements should not be reported as income by...
Posted by Income Taxes and Bookkeeping LLC on 04/06/2021
The IRS permits the use of per diem rates (which means "for each day" or "daily rate" in Latin) to facilitate reimbursement for employers and employees. Per-diem...
Posted by Taxes Made EZ Inc on 12/15/2020
Business travelers who incur expenses while traveling from home have new daily rates to justify some of these expenses. The new rates are in effect from October 1st, 2019, to September...
Posted by BEST FINANCIAL GROUP LTD on 10/31/2019
A person who receives a distribution from a qualified 401 (k) plan, a retirement benefit, or participation or an individual retirement account (IRA) may defer recognition of taxable...
Posted by A+ Income Taxes on 02/27/2020
Every taxpayer has a set of fundamental rights. The “Taxpayer Bill of Rights” takes the many existing rights in the tax code and groups them into 10 categories. You should...
Posted by Prosperity Services for You Inc on 01/14/2016
