If all of the actual travel costs are being put on the company credit card, then there is no per diem to pay, the company has paid the actual expenses because they are charged to the company’s credit card and paid by the company.

If owner uses his personal credit card or personal cash for his meals and incidentals, those individual expenses do not go into QuickBooks. The company can pay the owner (or credit his “distributions” account) only for the ME&I (Meals & Incidentals) portion of per diem. Tax law says the lodging for “those related to the employer” cannot be paid per diem. If the owner pays for lodging from his personal funds, he must be reimbursed (or “distributions” account credited) for actual costs incurred. Otherwise, he could just put the lodging on the company credit card and save the reimbursement step.

Here’s the authoritative source: IRS Pub 463 (2011)

Page 6 Heading: “Who can use the standard meal allowance” specifically says self-employed persons are allowed to use it.

Page 30 Heading: “Per Diem and Car Allowances” says that per diem is not allowed for those related to your employer.
Page 31 Heading: “Related to Employer” is defined. One of the tests is if you own 10% or more in value of outstanding stock.

Other clues:
Page 2, Heading: Who should use this publication” employees and self-employed persons.
Page 6, Next to caution “There is no optional standard lodging amount similar to the standard meal allowance, your allowable lodging expense deduction is your actual cost.”

The IRS allows you to $25 or less for business gifts you give to any one person during your tax year, whether directly or indirectly. Any amount in excess is non-deductable. Gifts your spouse gives to the same person or gifts given to someone who you reasonally expect will give it to the same person combine to count against that limit. However, keep reading for special treatment of certain types of gifts.

Employee gifts are considered wages and are deducted under the rules for wages, not gifts.

There are some exceptions to the gift rules, such as small items with a value of $4 or less, like pens with your company name imprinted, that are one of a number of identical items that are widely distributed. Signs, display racks, and other promotional materials are excluded as well.

Gifts that could be considered gifts or entertainment, should be deducted as an entertainment expense, which is limited to a 50% deduction.

If you give customer packaged food or beverage gift to use at a later time, treat it as a gift.

Source: IRS Pub 463

This excerp is from the executive summary of an article cited below.

• When a C corporation converts to an S corporation or an S corporation acquires assets from a C corporation in a tax-free transaction, it may be subject to a corporate-level “built-in gains” tax in addition to the tax imposed on its shareholders.
• The corporation must determine whether it has a net unrealized built-in gain in its assets on the effective date of the relevant transaction. If it does, it must track its dispositions of these assets for the next 10 years.
• Built-in gains recognized during this period are taxed at the highest rate of tax applicable to corporations (currently 35%).
• Five issues are commonly encountered: (1) obtaining a proper appraisal as of the beginning of the recognition period; (2) treatment of sales of inventories during the recognition period; (3) application of the tax to corporations using the cash method of accounting; (4) efficient use of losses to reduce or eliminate the tax; and (5) use of C corporation attributes to reduce or eliminate the tax.

Read full article at: http://www.aicpa.org/publications/taxadviser/2012/march/pages/anderson_mar2012.aspx