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NetCPA's is a CPA firm concentrated on Xero based out of Breckenridge. Terry Power, CPA, is the principal. Terry focuses exclusively on providing Xero-based accounting solutions for small businesses.

He currently has Xero clients in Denver, Summit and Eagle Counties, with plans to expand to anywhere in the US a client needs Xero.    

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Sep 22

IRS Increases Per Diem Rates for Silverthorne and Breckenridge

Posted by Terrence Power, CPA at Tuesday, September 22, 2015

The IRS, in Notice 2015-63, added the towns of Silverthorne and Breckenridge to the list of high-cost areas for purposes of using the standard IRS per-diem rates for travel and entertainment.

These are the simplified rates that employers may use to reimburse employees for business travel.  Rather than have the employer and employee maintain a lot of the recordkeeping needed to claim actual expenses, the employer can elect to use the daily rates instead.  

For 2016, the IRS will allow a daily rate of $275 for designated high-cost areas such as Silverthorne and Breck.  This is higher than the standard daily rate of $185 for non-high-cost areas.  The $275 includes $207 for lodging and $68 for meals on a daily basis.

While this news may not directly affect our local employers, we need to be aware of the change as it makes business travel to our area more attractive to our visitors.  

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