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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 28 ||| Word Count: 12,907 ||| Review Questions: 10 ||| Final Exam Questions: 10 |
| CPE Credits : | 2.0 |
| IRS Credits : | 2 |
| Price : | $17.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 128 |
| Description : | Taxpayers are once again looking to CPAs for guidance and planning related to travel and entertainment expenses. This comprehensive mini-course examines and explains the practical aspects of business travel and entertainment tax deductions. To determine the expenses that taxpayers are able to deduct, fundamentals are reviewed and planning opportunities are identified. Practitioners will learn to master the proper administration of these complex and often cumbersome provisions. |
| Usage Rank : | 24750 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
IRS Publication 463: Travel, Entertainment, Gift, and Car Expenses
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 15-Mar-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 128 |
| Keywords : | Taxes, Business, Travel, Entertainment, Tax, Mini, Course, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENT
* Definition of "tax home" * Temporary & indefinite assignments * Business purpose requirement for business travel * Convention & meetings * Statutory exceptions of ordinary & necessary requirement * Entertainment facilities * Employee expense reimbursement & reporting * Self-employed persons * Employers
2. Identify the business purpose requirement using the 51/49 percent test, determine deductible conventions and meetings, and specify the limitations applied to meals and lodging when traveling. 3. Determine what constitutes business entertainment and identify business entertainment activity deduction restrictions and disallowance. 4. Specify the §274(e) exceptions to entertainment deduction disallowance, recognize the necessity of expense substantiation, and determine accountable and non-accountable plans stating the impact on deductions. |
| Course Contents : | Chapter 1 - Business Travel and Entertainment Business Travel Transportation & Travel Distinguished Travel Expenses Transportation Expenses Determining a Tax Home Regular Place of Abode in a Real & Substantial Sense Two Work Locations Itinerant Worker - No Tax Home Assignments Temporary vs. Indefinite Assignments One-Year Expectation Rule Away From Home Requirement Sleep & Rest Rule Substantial Period Business Purpose Requirement Categories of Expense Travel Costs to and from the Destination Costs at Destination All or Nothing Primarily for Business Test Time Other Factors 51/49 Percent Test Domestic Business Travel Foreign Business Travel Personal Pleasure – At Destination Only Primarily Business - Partial Deduction Travel Considered Entirely for Business - Full Deduction Definition of Business Day Meals – 50% Reduction Standard Meal Allowance Lodging Conventions & Meetings Agenda Test - Directly Related to Business Foreign Conventions Reasonableness Factors North American Area Allowable Expenses Cruise Ship Conventions Deduction Limitation Reporting Statements Luxury Water Travel Exceptions Family Member Travel Expenses Business Entertainment Statutory Exceptions - §274(e) Food and Beverages for Employees Expenses Treated as Compensation Reimbursed Expenses Recreational Expenses for Employees Employee, Stockholder, and Business Meetings Trade Association Meetings Items Available to the Public Entertainment Sold to Customers Expenses Includible in Income of Non-employees Business Meals Percentage Reduction for Meals - §274(n)(1) Application of Reduction Rule Eating Facilities Exceptions - §274(n)(2) Entertainment Facilities Exceptions Covered Expenses Club Dues Sales Incentive Awards Substantiation & Record Keeping - §274(d) Travel Expense Items to be Substantiated Meal Expense Items to be Substantiated Business Gifts Expense Substantiation Substantiation Methods Adequate Records Exceptions to Documentary Evidence Requirement Sufficiently Corroborated Statements Exceptional Circumstances Retention of Records Exceptions to Substantiation Requirements Payback Agreements Employee Expense Reimbursement & Reporting Unreimbursed Employee Expenses Reimbursed Employee Expenses Accountable Plans Business Connection Reasonable Period of Time Fixed Date Safe Harbor - #1 Periodic Statement Safe Harbor - #2 Adequate Accounting Per Diem Allowance Arrangements Federal Per Diem Rate Related Employer Restriction Reporting Per Diem Allowances Reimbursement More Than Federal Rate Reimbursement More Than Federal Rate Nonaccountable Plans Self-Employed Reimbursement & Reporting Expenses Related to the Self-Employed's Business Reimbursed Expenses Incurred on Behalf of a Client With Adequate Accounting Without Adequate Accounting Glossary |
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