New Per Diem REV Ruling

If you use cents per mile instead of dollars per day for per diem, you should be aware of this new Revenue Ruling. The IRS expectation is for compliance and testing to see if the cents per mile for driver pay does not exceed the $52 dollars per day allowance. If you do not test and comply, by adding excess amounts paid back to the driver's W-2 then if audited, the IRS will disallow all per diem paid and tax the whole per diem amount as wages, and ask the employer for back payroll taxes. For complete copy of this Ruling contact Deanna Lovelady you can e-mail to deanna.lovelady@bellandcompany.net or call 501.753.9700.

Deanna and Richard Exhibit at the Truckload Carriers Conference

As exhibitors, Deanna Lovelady and Richard Bell, from Bell & Company CPAs and Advisors had a great time talking with participants at the Truckload Carriers Conference.

IRS Publishes Per Diem Rates for 2007

According to the IRS, the per diem rates for 2007 remain the same as they were for 2006. The rate is $52/day (which was effective 1-1-06), and the allowable % deductible is 75%. If you would like a complete copy of the regulations or if you have questions or need additional clarification, please call Bell & Company at 501.753.9700.