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IRS 100% meal deduction does not apply to owner-ops per-diem deductions
When the second big Congressional COVID-relief bill was signed in December, there was some uncertainty about what appeared to be a per-diem-deduction sweetener. The hope in trucking was that the change in the deductible for business meal expenses would rise from 80% to 100% of the amount of the per diem that is tax-deductible.
When the IRS announced regulatory changes detailed in this story earlier this week, that clarification arrived, in essence. To clear up confusion some readers have voiced, ATBS Tax Manager Michael Schneider explained that the temporary regulations the IRS issued do not apply to the section of the tax code that specifies the per diem for truckers federally regulated by the hours of service rules.
Cargill and Love s Family of Companies team up on renewable diesel energyglobal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from energyglobal.com Daily Mail and Mail on Sunday newspapers.
Representative image The companies will build a new biodiesel production plant in Hastings, NE capable of producing 80 million gal/yr.
American agribusiness Cargill and The Love’s Family of Companies are joining forces in a new joint venture, Heartwell Renewables, that will construct and operate a new biodiesel production plant in Hastings, NE, a Love’s release announced Tuesday.
Once operational, the site will be capable of producing 80 million gal/yr of renewable diesel. Cargill will supply tallow, a rendered animal fat byproduct from protein processing, as feedstock. Love’s commodity trading and logistics business Musket is responsible for the transportation and marketing of the product in the US.