New Per Diem Rates from the IRS

The IRS has announced the special per diem rates that are effective Oct. 1, 2021. Taxpayers may use these per diem rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. An employer may pay a per diem or daily amount to an employee for business-travel instead …

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Does the IRS Need a Raise?

Should funding for the IRS be raised? As the White House seeks to add $80 billion to IRS funding (over 2022-2031), the Congressional Budget Office (CBO) evaluated potential effects of that move. CBO Director Phil Swagel said in a blog that the extra funding would increase audits and “revenues by approximately $200 billion.” CBO estimates …

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Intrastructure Bill Progress

The House Ways and Means Committee will begin marking up legislative proposals under the infrastructure bill (the “Build Back Better Act”) this week. The committee is expected to consider measures including universal paid family and medical leave, access to childcare, strengthening retirement savings, and trade adjustment assistance programs. Among other things, the committee will specifically …

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Where Do My Texas Taxes Go?

Do you wonder where the state revenue comes from in Texas? And where it’s spent? TX takes in over $250 billion a year, from over 60 taxes, fees and assessments. Most of the revenue pays for services and activities, including road construction, university research, prisons and professional licensing. To promote transparency, TX has made an …

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