This training program will engage attendees in a discussion on whether an expense reimbursement qualifies for exclusion from employee wages. It will offer stringent guidelines on what is required to substantiate various expenses and benefits under an account plan.
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 account 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.
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 account 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.
Patrick Haggerty
Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.
How to Give Corrective Feedback: The CARE Model - Eliminati…
Why EBITDA Doesn't Spell Cash Flow and What Does
SOPs - How to Write Them to Satisfy those Inspectors
With Mandatory Paid Leave Gaining Ground Is It Time To Do A…
Documenting Misconduct that Will Stand Up in Court
Marketing to Medicare or Medicaid Beneficiaries - What You …
Trial Master File (TMF)/eTMF, & FDAs Draft Guidance for Ele…
Tattoos, hijabs, piercings, and pink hair: The challenges …
Project Management for Non-Project Managers - How to commun…
Humane Layoffs: How to Let People Go with Compassion and De…
Sunshine Act Reporting - Clarification for Clinical Research
FFIEC BSA/AML Examination Manual: What Compliance Officers …
Female to Female Hostility @Workplace: All you Need to Know
OSHA Requirements for Supervisors, Project Leaders & HR - W…
Unlock Employee Loyalty: Stay Interviews Will Keep Them Eng…
Understanding the Artificial Intelligence Landscape
Conquer Toxic People - Learn To Protect Yourself And Get Yo…
Establishing Appropriate Quality Metrics and Key Performanc…
Is Your Culture Working For or Against Your Success? If You…
Ultimate Persuasion Strategies! - Secret Influence Tools & …
Using High-Performance Coaching for Managers to Address Per…
Excel - 10 Key Worksheet Functions to Skyrocket Your Produc…
Utilizing HR Metrics to Illustrate & Improve Human Resource…
Red flags that can render your OSHA Safety Program Complete…
The Anti-Kickback Statute: Enforcement and Recent Updates
Onboarding is NOT Orientation - How to Improve the New Empl…
FDA Technology Modernization Action Plan (TMAP) and Impact …
How to Prepare For and Host a FDA Inspection and Respond to…
Excel - Pivot Tables - The Key To Modern Data Analysis and …
Managing Toxic & Other Employees Who Have Attitude Issues
Improving Employee Engagement & Retention Through Stay Inte…
Building GMP Excellence: A Guide to Implementing Compliant …
Human Error Reduction Techniques for Floor Supervisors
Excel Power Skills: Master Functions, Formulas, and Macros …