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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 19 ||| 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 - Technical - NASBA Registry - IRS Enrolled Agents |
| 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 : | 0 |
| Release : | 2022 |
| 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 : | 01-Sep-2022 |
| 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 - Technical - 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 Definition of “Tax Home” Circuit Court Test IRS Test Employment Area No Tax Home Itinerant Worker Two Work Locations Temporary & Indefinite Assignments Temporary Assignment Indefinite Assignment Time Prior Law Presumptions One-Year IRS Presumption Less than Two-Year Exception Regular Home Temporary Job That Became Permanent Current Law - One-Year Rigid Time Rule Away From Home Requirement Sleep & Rest Rule Correll Case Business Purpose Requirement All or Nothing Primarily for Business Test Time Other Factors Existing Trade or Business 51/49 Percent Test Domestic Business Travel Foreign Business Travel Personal Pleasure Primarily Business Full Deduction Definition of Business Day Meals & Lodging 50% Deduction Limitation Conventions & Meetings Agenda Test Foreign Conventions Factors North American Area Allowable Expenses Cruises 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 Public Entertainment Sold to Customers Expenses Includible in Income of Non-employees Percentage Reduction for Meals - §274(n)(1) Application of Reduction Rule Exceptions - §274(n)(2) Employee Business Expenses Subject to 2% Floor Suspended Entertainment Facilities Exceptions Covered Expenses Club Dues OBRA '93 & TCJA Sales Incentive Awards Substantiation & Record Keeping - §274(d) Documentation Payback Agreements Employee Expense Reimbursement & Reporting TRA '86 - Unreimbursed Expenses Become Itemized Deductions Family Support Act - Reimbursement Without Accounting Is Income Accountable Plans Reasonable Period of Time Fixed Date Safe Harbor - #1 Period 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 Persons Reimbursement & Reporting Expenses Related to Taxpayer's Business Reimbursed Expenses Incurred on Behalf of a Client With Adequate Accounting Without Adequate Accounting Employers When Can an Expense Be Deducted? Economic Performance Rule Corporation Nondeductible Meals Employer-Provided Auto Glossary |
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