Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. (Taxpayers in the transportation industry can use a special transportation industry rate.)
The Small Business Administration (SBA) announced Tuesday that they have awarded more than $7.5 billion in Shuttered Venue Operator Grants (SVOG) to approximately 10,000 live entertainment venues, small businesses, and non-profits.
The Shuttered Venue Operators Grant (SVOG) program, originally scheduled to reopen on Saturday, is now open as of today, Monday, April 26, 2021 at 12:00 p.m.
The IRS recently announced per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020. Employers using these rates to set per diem allowances can treat the amount of certain categories of travel expenses as substantiated without requiring that employees prove the actual amount spent. However, employees must still substantiate the time, place and business purposes of their travel expenses.
