Why Should You Attend:
Employers often provide travel advances, business expense reimbursement, or use of company property to employees. Employee expense reimbursement is one of the targets of a current IRS audit initiative. Unless expense reimbursements are made under an accountable plan, the payments must be included in employee wages. Accountable expense reimbursement plans provide tax savings for both employers and employees. But insufficient documentation or faulty procedures can result in reclassification of the reimbursements as wages. This results in additional tax and possibly penalties. An employer may even become liable for taxes it failed to withhold from the employee reimbursement.
In this informative webinar, attendees will learn how to properly account for and report expense reimbursements and facilities provided to employees in compliance with IRS requirements.Areas Covered in the Webinar:
Employee business expenses and reimbursements under the Internal Revenue Code
Accountable and non-accountable expense reimbursement plans
Substantiation and documentation required to exclude reimbursement or benefits from wages
Options for meeting substantiation requirements
Advantages and effective use of per diem payments
How to control the risk of a pattern of abuse of per diem payments
Valuation and treatment of personal use of company property (vehicles, cell phones, etc.)
When expense reimbursements or use of company resources must be included in wages
Travel advance and payment card administration
The importance of timely processing of reimbursements and collection of excess advance funds
Control and accounting procedures and the roles of payroll and accounts payable
Employers often provide travel advances, business expense reimbursement, or use of company property to employees. Employee expense reimbursement is one of the targets of a current IRS audit initiative. Unless expense reimbursements are made under an accountable plan, the payments must be included in employee wages. Accountable expense reimbursement plans provide tax savings for both employers and employees. But insufficient documentation or faulty procedures can result in reclassification of the reimbursements as wages. This results in additional tax and possibly penalties. An employer may even become liable for taxes it failed to withhold from the employee reimbursement.
In this informative webinar, attendees will learn how to properly account for and report expense reimbursements and facilities provided to employees in compliance with IRS requirements.Areas Covered in the Webinar:
Employee business expenses and reimbursements under the Internal Revenue Code
Accountable and non-accountable expense reimbursement plans
Substantiation and documentation required to exclude reimbursement or benefits from wages
Options for meeting substantiation requirements
Advantages and effective use of per diem payments
How to control the risk of a pattern of abuse of per diem payments
Valuation and treatment of personal use of company property (vehicles, cell phones, etc.)
When expense reimbursements or use of company resources must be included in wages
Travel advance and payment card administration
The importance of timely processing of reimbursements and collection of excess advance funds
Control and accounting procedures and the roles of payroll and accounts payable
