The IRS recently announced an increase in federal per diem rates for business travel inside and outside the continental United States. This information is important for organizations that use per diem rates, as opposed to actual reimbursements, to substantiate business expenses.

by Diane Mueller

In the aftermath of banking failures, subprime mortgages, and bailouts across multiple industry sectors, it is a good time to examine the strategies it will take to rebuild public trust in our government and in the world’s financial markets. I believe the answer depends both on what we can do and how we do it.

All signs seem to be pointing at the US moving to international accounting standards in the near future. Recent actions by several regulatory bodies indicate that the change will come sooner than later.

The 1042-S form reports income for foreign nationals who are exempt from U.S. taxation under a tax treaty. Foreign nationals qualified to receive the 1042-S must attach the form, and any other required supporting documents, to their tax returns.