Editor's note: Thank you for your interest in this article. The deductibility of business meals is an evolving issue under P.L. 115-97, known as the Tax Cuts and Jobs Act, and this article is no longer available.
Expenses & Deductions
The IRS stated it would challenge the tax benefits of certain syndicated conservation easement transactions.
The IRS concluded that a taxpayer could deduct the unamortized debt-issuance costs related to its existing debt upon its exchange for new debt.
The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.
Meal and entertainment expenses are deductible only if they satisfy strict requirements.
Business travelers have new per-diem rates to use in substantiating certain expenses.
Because the PATH Act was enacted after many taxpayers had filed their 2014 returns, they may not know how to take advantage of tax changes.
To help taxpayers take advantage of retroactive changes enacted late last year affecting Sec. 179 property and bonus depreciation, the IRS issued rules for filing returns to take advantage of these deductions.
Manufacturers could be unduly disadvantaged by the removal of the ownership test from present regulations.
The Treasury Department and the IRS proposed regulations that address a variety of issues and reflect guidance on statutory changes, provide clarifications of existing guidance, and address issues generating controversy regarding IRS and taxpayers.
Proposed rules would provide that, if a qualifying activity is performed under a contract, the party that performs the activity is the taxpayer for Sec. 199 purposes.
Optional standard mileage rates for use of a vehicle will change a little for 2015, the IRS announced, with the business use rate going up and the medical and moving rate going down.
The IRS posted an updated directive for field examinations on the repair vs. capitalization issue that extends the suspension of examinations.
The IRS issued technical amendments to address the effective date for the temporary regulations that apply to amounts paid to acquire, produce, or improve tangible property.
The IRS announced it is delaying the effective date of the temporary regulations it issued in Dec. 2011 governing whether tangible property expenses could be deducted or had to be capitalized.
The IRS issued an update and new guidance for use of a federal per diem rate to substantiate the amount of ordinary and necessary expenses for lodging, meals and incidental costs paid or incurred for business-related travel away from home.
The IRS announced that it is discontinuing the high-low method for substantiating lodging, meal and incidental expenses incurred in traveling away from home.
The Service has released a new “Industry Director Directive” on the Sec. 199 domestic production activities deduction (DPAD). The directive, along with an associated document entitled “Minimum Checks for Section 199; Law and Explanation,” details the minimum audit checks IRS examiners are expected to complete when scrutinizing a corporation’s Sec.