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Published Friday, December 01, 2006

Two recent IRS pronouncements and a U.S. Tax Court decision are important for companies paying for driver meals. Depending on how a company handles these expenses, it may see no change, an increase, or the total disappearance of its deductions. In Revenue Procedure 2006-41, the IRS provided its annual update of meal and incidental expense (M&IE) allowances. The basic allowances for 2007 were left unchanged from the rates set a year ago. Specifically, transportation businesses using a single nationwide rate, rather than the city-by-city rates included in the revenue procedure, can treat payments of up to $52 per ...

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