Will we lose per diem

I am an O/O leased to a carrier and keep hearing rumors about per diem... So, I called my CPA today, well, emailed her, I think we are fine, here is her reply...

"I haven't seen anything yet that applies specifically to transportation workers. It is true meals and entertainment won’t be deductible to businesses, but transportation workers, such as yourself, have separate rules."

 

That's right. For owner operators. Not for company drivers.

Edit: and you no longer can deduct a flat rate per diem. Need to save those meal reciepts

 

So it will be a percentage of actual dollars spent?

 

According to this they determined our 80% allowance was left in and only changed it for certain sectors. Posted a day ago....

Tax reform bill leaves truckers' 80-percent per diem intact

 

Nope, nothing has changed for us, o/o or driver.

 

this is great news , for guys away from home more then 240 days a year

 

Can see spyders post a page or 2 back for those that dont have enough to itemize.

 

hell I don't know I have an accountant , no kids , plus I payroll my self every other week , so I pay payroll taxes every month , I doubt if I've spent more then 240 days a year on the road recently but maybe a few more ,
I'm an LLC sub chapter S WTF ever , hoping to pay less to Uncle Sam

 

This is what i hate about the media. Just two days ago those same folks said drivers were losing the per diem, but owner operators could claim meals on their schedule c.

 

The reason I called my CPA/Accountant. Connie used to work for one of the mega carriers, she knows her stuff. We have been together for twenty two years, and she has yet to steer me wrong. Transportation per diem is not affected in this new tax bill. Key word, Transportation. We run under different rules, the suits have theirs, we have ours, and ours are unaffected.