IRS Mileage & GSA Per Diem Rate
January 2024 ushered in several new rates for organizations to be utilizing. The IRS approved an increase in the standard mileage rate of $0.655 to $0.67, which applies to all vehicles, including hybrid, electric, gas, and diesel. This revised rate applies to every mile driven in a personal vehicle for business purposes.
Furthermore, the standard GSA-approved per diem rates increased at the beginning of 2024. The rate increased to $166 per day, comprised of $107 for lodging and $59 for meals and incidental expenses. It is up from $159 in 2023. There are also 302 nonstandard areas with per diem rates exceeding the standard rate. Two new locations were added in 2024, while 16 areas reverted to the standard rate.
We advise a thorough review of your travel reimbursement policies to ensure adherence to the correct rates and that your established process is being properly followed.
GASB 96: SBITA is Now in Effect!
If you are an agency with a fiscal year of June 30, 2023, or later, you must implement GASB 96. The following are the initial steps you should take to get started on this implementation:
Coordinate with your IT Department, Department Heads, and Procurement to compile a comprehensive list of contracts that might be impacted.
Gather contracts and agreements, including those with renewal options.
Detail the terms of each contract, such as length of term, dollar amounts, termination language, and options terms, to analyze what contracts are per GASB 96 requirements.
Ensure you provide this list to your auditor to support this year's financial reporting.
5 Tips to Avoid the Most Common Unaudited REAC Rejection Comments
As you prepare for your next REAC submission, the following are a few things to double check in hopes of avoiding the dreaded rejection notice:
Ensure that your Voucher Management System (VMS) aligns with your Financial Data System (FDS) by updating it accordingly.
If you have Tenant Rent Revenue on FDS 70500, you must also have Unit Months reported in 11190 and 11210.
The amounts reported in FDS 70610 should equal the sum of Capital Asset Memo accounts FDS 11610-11660, plus 11020 Debt Principal Payments.
Provide comprehensive explanations for FDS 174 Other Assets and FDS 71500 Other Revenue. Avoid vague terms such as other or miscellaneous.
For 11040 Prior Period Adjustments, explain in detail the underlying cause. Avoid vague terms such as PPA, adjustment, or correction.
Here to Help
If you have questions about your unique situation or need strategic advice, we are here to help. We build value-added relationships with each client to understand their business structure to provide solid solutions, and our approach offers direct access to the firm's decision-makers. Our innovative cross-functional services help businesses address the challenges ahead. Contact us to let us know how we can best support you.
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