Pending Legislation Will Increase Meal Deduction

The Senate is considering legislation that would accelerate the rise in the meals expense deduction for truck drivers to 80 percent. Under current law, truck drivers are entitled to deduct 60 percent of their allowable meal expenses. That percentage is scheduled to increase to 80 percent in 2008.

The Small Business Works Act, proposed by Senator Christopher Bond (R-MO), would implement the increased meal deduction to 80 percent in 2002. The House passed legislation in March favoring this increase. The Senate has attempted to add this increase to several pieces of legislation over the past two years, but the increase has yet to be made into law.

The increased meal allowance would apply to interstate truck drivers, and others who are subject to the Department of Transportation's hours of service limits. For meals to be deductible, you must be traveling overnight for business, or long enough that you need to stop for sleep or rest to properly perform your duties.

You may like these other stories...

There it stands, your client's 100-year-old, rickety, vermin-infested barn or former hotel or whatever the darn thing once was. And she's considering what to do with it. There are two words that can help her decide...
It's not a reality—yet—but accounting software is poised to eliminate accountants. We are at a tipping point for many similar professions: online education replacing professors, legal software replacing...
Did you know that the tax code allows you to claim tax deductions for household damage caused by thefts, vandalism, fires, floods, hurricanes, and others kinds of casualties? But the law imposes several restrictions.Relief...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.