The standoff between the two countries began previously this month when Tokyo positioned controls on exports of three chemical materials to South Korea. The materials – fluorinated polyamides, hydrogen, and photoresists fluoride – are accustomed to make computer chips, among other activities. An impact is being had with the restrictions on the global semiconductor industry, which was under pressure from slow demand already. South Korea’s Samsung (SSNLF) and SK Hynix make nearly two-thirds of the world’s memory chips, which are used in everything from smartphones to linked cars. Smartphone manufacturers including Apple (AAPL) and Huawei rely on memory space chips from the South Korean companies.
SK Hynix warned on Thursday of weaker sales for the second half of the entire year, stating it can’t rule out creation disruption if Japanese export curbs move on. The business said it’s seeking to stockpile the materials whenever you can in response to Japan’s export handles. They require companies to use for licenses for every of the three-chemical materials they sell to South Korea. The procedure can take up to 90 days. If the limitations continue and Samsung and SK Hynix flunks of supplies, the companies will face “a disruption in semiconductor creation, that will have a negative effect on global IT demand,” said SK Kim, an analyst with brokerage firm Daiwa.
Tension between the two countries has been increasing for weeks, stemming in part from Japan’s colonial guideline within the Korean peninsula in the early 20th century. South Korea’s top courtroom lately ruled that its residents can sue Japanese companies for using required Korean labor during World War II. Japan has rejected that the two issues are connected.
That means that whether your food is for business entertainment or business travel, your unreimbursed meal expenditure is subject to the limit always. Now, let’s go back to the two methods which you can use to figure your meal expenses-the actual cost and the typical meal allowance. This method is less complicated weighed against the other method. You simply use the actual cost of your meals to determine the amount of your expense before reimbursing the price and applying the 50% limit on deductions. If there is one important thing that you should remember when using this technique, it’s that you should always keep your records to show your expenses.
If you don’t want to use the real cost method, you are free to use this method in figuring your expenses for meals. Generally, this choice method lets you utilize a set or fixed amount for your daily meals and incidental expenses (M & IE) rather than backing up your real costs with records, receipts particularly.
Well, of course you will keep receipts for future reference still, but you won’t need them as much as you shall need them by using the real cost method. Under this method, the set amount hugely depends upon where and when you travel. The standard meal allowance method makes reference to a set amount for daily meals and incidental expenses. You may probably ask, what are those incidental expenditures? Based on the IRS Publication 463, incidental expenditures make reference to the fees and tips that you usually give to baggage companies, porters, hotel personnel, and the likes.
Since they are only incidental, they are not your main expenses. However, these incidental expenditures supplement your main expenses. While these expenses are just considered supplementary expenditures, they don’t include the money you may spend for laundry, lodging, pressing of clothes, mailing cost and telephone or telegram charges. There are days when you do not get to incur any expense for meals.
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If that is the case, then you may use the incidental-expenses-only method in identifying the amount of deductions you are entitled to. This method is an optional method that you can use rather than the actual cost method if you want to write off your incidental expenses only. A day from your expenditures if you didn’t spend anything for your meals 5.
You should also note that you cannot use the incidental-expenses-only method just whenever you want, or on any day that you apply the standard meal allowance method in identifying your deductions. The proration rules for partial days strictly apply to this method. However, it isn’t subject to the 50% limit on meal deductions. But how do you want to know if your meal allowance is at the mercy of the 50% limit?
Well, this limit is a bit tricky so you have to learn the ropes. Say you aren’t reimbursed after applying the standard meal allowance method for your meal expenditures, or you used the same method but are reimbursed under a non-accountable plan. In that case, you are permitted to write off only 50% of you standard meal allowance. This goes the same manner, if you are reimbursed under a responsible plan and are writing off expenses that are more than your reimbursements. In that case, you are allowed to deduct only 50% of the excess amount.