IRA's acquisition of shares in gold trust not treated as collectible The IRS has determined that an individual retirement account (IRA) could acquire shares in a trust invested in gold and the acquisition would not be treated as a collectible. As a result, the amount t...
IRS finalizes rules on deductible local lodging expenses The IRS has issued final rules under Code Secs. 162 and 262 for when employees may deduct their expenses for local lodging that are required in their trade or business. The final regulations also prov...
IRS announces per diem rates for post-September 30 travel The IRS has released the simplified per diem rates that taxpayers can use to calculate reimbursements to employees for ordinary and necessary expenses incurred during business-related travel after Sep...
IRS describes tax benefits of van pooling; highlights "80/50" rule In a recently-released information letter to a taxpayer, the IRS outlined the rules for excluding the costs of van pooling, which is one type of qualified transportation fringe benefit. Code Sec. 132(...
Senators seek action on tax refund fraud relief for victims Tax refund fraud is a growing problem, 15 senators told the IRS in October. The senators urged the IRS to improve its oversight of refunds and reach out to victims of refund fraud and identity theft.R...
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