A look at the top stories from Canada and the USA in the past week…

The USA’s Internal Revenue Service has issued guidance for business travellers, updated to include changes resulting from the Tax Cuts and Jobs Act (TCJA). Revenue Procedure 2019-48 updates the rules for using per diem rates to substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from home. Taxpayers are not required to use a method described in this revenue procedure and may instead substantiate actual allowable expenses provided they maintain adequate records. Although TCJA suspended the ...