Alternative method will substantiate business use of an automobile

Article Abstract:

Employees can substantiate business expenses resulting from the use of an automobile if their employers offer mileage reimbursement on a standard and objective basis. Employers must use a flat rate or a combination of periodic fixed and variable rate (FAVR) payments when reimbursing for mileage. One of the requirements for employers is that data from the area in which travel expenses are incurred must be used in determining the amount of the FAVR allowance. Employees must provide information about their automobile, including the make, model, and purchase price, within 30 days of becoming eligible for a FAVR allowance.

Management, Usage, Automobiles, Expense deductions

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Recharacterization rules for self-charged interest

Article Abstract:

Proposed Regulations affecting Section 469 of the Internal Revenue Code implement recharacterization rules for loans made between an owner and a pass-through entity. The new rules were implemented out of the necessity to offset income and deductions against one another. The Proposed Regulations will recharacterize both portfolio income and deductions when passive deductions accrue to the owner. Owners include those taxpayers holding an interest in an S corporation or a partnership, or those who hold a 10% indirect interest.

Taxation, Laws, regulations and rules, Loans, Revenue

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