The IRS has tips to determine deductibility of travel-related expenses. Businesses and self-employed individuals can deduct business travel costs. Employees who pay out of pocket for business travel can’t (the miscellaneous itemized deduction for unreimbursed employee business expenses is suspended through 2025). Employers may set up accountable plans, explained in Chapter 6 of IRS Publication 463, to reimburse employees for these costs tax free while obtaining deductions for the company. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.