Simplifying Travel and Entertainment Rules and Recordkeeping - v10 (Course Id 1690)

Taxes - Taxes for Course Id 1690

This course will help CPAs, accounts payable, and tax develop an Accountable Plan for reimbursing employees and maintaining adequate accounting records thereby solidify the T&E expense deductions on the company’s annual income tax return.

In this course, industry expert and corporate tax attorney Steven D. Mercatante Esq. provides helpful tips that will be useful in training not only employees seeking reimbursement, but also the accounts payable staff reviewing the monthly employee expense reports, and tax staff reviewing records prior to preparation of the Federal income tax return.

NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - 1690

Course Learning Objectives

• Learn about 1099 and W-2 reportable versus non-reportable fringe benefits and expense reimbursements, including a detailed discussion of the proper method for applying accountable plan rules (with real world examples provided and discussed) as well as record-keeping rules as required by the IRS
• Identify recent changes to expense reimbursement and fringe benefit rules as well as the introduction of the new Form 1099-NEC, and learn how to address these changes in regards to W-2 and 1099 reporting requirements
• Identify key expense reimbursement issues including the ongoing controversy over entertainment expenses, de minimis and working condition fringe benefits, commuting, meal, per diem, commuting and transportation expenses, and how and when they are 1099 and W-2 reportable
• Discover tips on filing effectively as well as creating policies and procedures for avoiding IRS penalties and audits involving fringe benefit and expense reimbursement situations as well as addressing the dangers of “gift-giving” in a business context and determining “fair market value” and a special analytical process for determining which fringes and reimbursements are reportable or not
• Recognize how to identify when you must report expense reimbursements paid to employees, contractors, volunteers, and other workers including “highly compensated” employees

Chapter 1 - Simplifying Travel and Entertainment Rules and Recordkeeping

Introduction

What is a fringe benefit?

If there is W-2/1099 reporting what gets reported? 

Fringe Benefit Exclusion Rules

The Tax Cuts and Jobs Act Wrecking Ball

Accountable Plans 

Travel Expenses

Entertainment Expenses - Additional Issues

Gift-Giving

Meal Reimbursements

Meals and Travel

How Long Do You Hold Onto Records?

Per Diem

Commuting Versus Transportation

Audits

Glossary