Will we lose per diem

Does the change is how depreciation is handled affect equipment that is already partly depreciated?

 

Do you already own the equipment? Or are you referring to buying used equipment?

 

I bought a used truck two years ago. I took depreciation for 2016 and will again for 2017. I'm just wondering if I need to do anything different next year or do I just finish out the depreciation schedule?

 

It keeps depreciating according to the schedule. Nothing has changed on that.

 

Our company, which had discontinued paying Per-diem a few years ago, announced this morning that due to recent changes in tax law they will be re-implementing the Per-diem within the next few days. This is obviously good news for the reasons you have documented, and I imagine other companies either have already or will begin making these changes as well.

 

Good to hear.

 

Not to be an *** but truckerCPA, I thought if you are an actual CPA, you have to post the legal disclaimer about the advice you give.

 

TruckingCPA, can you provide any further information on this? Thank you.

 

Found this...it would appear company drivers can still claim per diem just not on 2106 form.

Standard meal allowance.
Instead of actual cost, you may be able to claim the standard meal allowance for your daily meals and incidental expenses (M&IE) while away from your tax home overnight. Under this method, instead of keeping records of your actual meal expenses, you deduct a specified amount, depending on where you travel. However, you must still keep records to prove the time, place, and business purpose of your travel.

The standard meal allowance is the federal M&IE rate. For most small localities in the United States, this rate is $51 a day. Most major cities and many other localities in the United States qualify for higher rates. You can find the rates that applied during 2018 on the Internet at GSA.gov/perdiem. At the Per Diem Overview page, select "2018" for the rates in effect for the period January 1, 2018–September 30, 2018. Select "Fiscal Year 2019" for the period October 1, 2018–December 31, 2018. However, you can apply the rates in effect before October 1, 2018, for expenses of all travel within the United States for 2018 instead of the updated rates. For the period October 1, 2018–December 31, 2018, you must consistently use either the rates for the first 9 months of 2018 or the updated rates.

 

What's New
Who must file Form 2106.

The form will be used by Armed Forces reservists, qualified performing artists, fee-basis state or local government officials, and employees with impairment-related work expenses. Due to the suspension of miscellaneous itemized deductions subject to the 2% floor under section 67(a), employees who do not fit into one of the listed categories may not use Form 2106.
Excess reimbursements.

If you are not a member of the Armed Forces reserves, a qualified performing artist, a fee-basis state or local government official, or an employee with impairment-related work expenses, and receive reimbursements in excess of your expenses from your employer’s nonaccountable plan, the excess reimbursements should be included in your wages (in box 1 of Form W-2) and reported on line 1 of your Form 1040