IRS announces per diem rates for business travel

IRS announces per diem rates for business travel

In Notice 2020-71, the IRS recently 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...
Are You More Vulnerable Than Others to Be Audited?

Are You More Vulnerable Than Others to Be Audited?

IRS data indicate that fewer than 1% of all individual income tax returns are audited each year. That’s true, but some taxpayers are more vulnerable than others to an IRS audit. For starters, the IRS is more likely to audit taxpayers who report high incomes because...