Course Description

This course will help CPAs, accounts payable personnel, and tax professionals 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.

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

Prerequisites

• None