Tax accounting

IRS issues 2019 to 2020 per-diem rates for traveling away from home

The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.

Bonus depreciation safe-harbor rules for vehicles issued

The IRS issued a safe-harbor procedure that taxpayers may follow for determining the deduction for depreciating passenger vehicles when they are eligible for 100% bonus depreciation but are also subject to the Sec. 280F limits on deductions for luxury automobiles.

IRS issues proposed regs. on 100% bonus depreciation

The IRS issued proposed regulations providing guidance on Sec. 168(k), which was amended by P.L. 115-97, known as the Tax Cuts and Jobs Act, to increase the allowable first-year depreciation deduction for qualified property from 50% to 100%.

Where to find May’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Implementing lease accounting

FASB’s Codification (ASC) 842, Leases, requires companies to make significant changes in the way they report operating leases. But one of the initial challenges might be simpler than you think … find out more with this report.