Corporate Tax

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IRS increases special per diem rate for business travel

The special per diem rates that a taxpayer may use in substantiating travel and business expenses under the per diem substantiation method will be higher starting Oct. 1, as provided by the IRS in Notice 2024-68. Generally, under the per diem substantiation method, if an employer or other payer pays[…]

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Corporate Transparency Act Reporting to Begin January 1, 2024

Beginning January 1, 2024, corporations, limited liability companies, and other entities that file with the Secretary of State must report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The FinCEN is a bureau of the Department of the Treasury, separate from the IRS, that collects and[…]

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