The Secret of Traveling That No One is Talking About

The Secret of Traveling That No One is Talking About

Job Details We currently have a client in Saint Johnsbury, VT looking for a Certified Nursing Assistant (Traveling CNA) Focus Staff is seeking a traveling Certified Nursing Assistant to work Under the supervision of the Charge Nurse. For reference, activities like providing employee meals from an in-house cafeteria or cooking a meal in a hotel room while traveling for business are both examples of 50 percent deductible meal expenses. It’s not just business meal expenses that are 100 percent deductible, either.

Employee parties – holiday or otherwise – picnics, outings, and team-building events will all qualify for a 100 percent deduction. These include mostly customer, client, and prospect events and any travel expenses associated with a spouse or dependent accompanying an employee on business travel. Business meals provided by a restaurant but delivered using a third-party service also qualify – in other words, the company doesn’t necessarily have to pay the restaurant directly. Here’s what you need to know to navigate pay as a travel nurse.

Employers will need to update their chart of accounts to reflect the temporarily expanded business meal and entertainment deductions. Without updating the chart of accounts, it can be easy for businesses to mistakenly put a 100 percent deductible expense into the wrong meal expense category and miss out on half the tax deduction when they file their year-end tax return. This is an easy way for businesses to save money on taxes while supporting the struggling restaurant industry, and a strong motivator to hold more employee parties and gatherings as 2021 winds down and into 2022. Hopefully, 2022 will be the year that client and employee business meetings in a restaurant will become more popular again and replace some of the virtual business meetings we have become accustomed to during the past two years.

As businesses close their books and records for 2021 and begin to work on tax compliance, it is a good opportunity to revisit the ERC to clear up any confusion that may exist. The Tax Cuts and Jobs Act (TCJA) permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, you can no longer deduct any of the cost of taking clients out for a round of golf, to the theater or for a football game.

For questions about the updated IRS guidance on 100 percent business meal deductions or the per diem expenses, contact Charles Dean Smith, Jr., CPA and Partner in PBMares’ Tax practice. Some business meal and entertainment deductions remain non-deductible that are considered related to entertainment, amusement, or recreation activities. For the fiscal year beginning October 1, 2021, the high-cost location per diem rate for meal expenses is $74 and $64 for all other locations. The rate changes each October 1 and can vary between high-cost locations, like New York City, and all others.

In recent IRS guidance, Notice 2021-63, the IRS clarified that any meal portion of the per diem rate is 100 percent deductible and considered as purchased at a restaurant. There is also no clarity on which types of meal activities in the 50% category above will now get the 100% deduction treatment. But there is a way.

But the best way is to MIX. FROM UK staycations to day experiences, Travelzoo has revealed their best gift package ideas in time for Christmas. AZUZ: It’s not the first time an appeals court ruled against the government on the issue of immigration. Take the time before tax season to review all business meal and entertainment expenses and ensure they are categorized properly and have appropriate matching documentation. To qualify for the 100 percent entertainment deduction, the party must be primarily for employees – not owners or highly compensated individuals – and appropriate documentation must be maintained.

Please Wait
Leave a Reply

Your email address will not be published.

You May Also Like