On Demand Webinar

Simplifying Travel & Entertainment Rules & Recordkeeping

Webinar Details $219

  • Rated:
  • Webinar Length: 100 Minutes
  • Guest Speaker:   Chuck Borek
  • Topic:   Taxation and Accounting
  • Credit:   CPE 2.0, ATATX 1.5, HRCI 1.5, SHRM 1.5, ATAHR 1.5
All Access Membership

This webinar will help you 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.

Our helpful tips 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.

Agenda:

  • Deductible and Non-deductible Meals 
  • Developing a Fool Proof Accountable Plan
  • Records and Documents Needed for Meals Expenses
  • Records and Documents Needed for Travel Away from Home
  • Documents Needed When Reimbursing Expenses Using the Per Diem Method
  • Records and Documents Needed for Use of Employee’s Vehicles
  • Records and Documents Needed for Company Vehicles
  • Which Employee Reimbursements are Taxable Wages
  • Which Contractor Reimbursements go into Form 1099

Learning Objectives:

  • Deductible and Non-deductible Meals 
  • Developing a Fool Proof Accountable Plan
  • Documents Needed When Reimbursing Expenses
  1. Introduction
  2. Travel, Meals, and Entertainment 00:02:21
  3. Changes in TCJA 00:03:02
  4. No More Entertainment Deduction 00:03:15
  5. The Consequence 00:04:56
  6. Moving Expense Reimbursements 00:07:46
  7. Business Meals 00:09:39
  8. On-Premises Meals Deduction 00:10:09
  9. Other Meals Expense Generally 00:13:28
  10. COVID-19 Relief 00:16:14
  11. General Meal Per Diem Allowance 00:17:56
  12. Transportation Workers 00:19:49
  13. The 50% Meals Limit 00:21:55
  14. The 50% Meals Limit Flow Chart 00:27:20
  15. Travel Expenses 00:30:35
  16. Home Office and Commuting 00:32:24
  17. Summary of Deductibility 00:41:42
  18. Tax Home 00:37:05
  19. Temporary Assignments 00:39:10
  20. Travel Primarily for Business 00:47:51
  21. Business Days 00:50:43
  22. Example: Counting Business Days 00:54:30
  23. Exceptions to Trip Being Primarily for Business 00:56:40
  24. Luxury Water Travel in General 00:58:30
  25. Cruise Ships 00:59:11
  26. Info Attached to Return 01:00:54
  27. Conventions Outside North America Area 01:02:42
  28. North America Area 01:04:37
  29. Other Travel Related Expenses 01:05:23
  30. Other Travel Related Expenses (cont’d) 01:06:30
  31. Documentation 01:08:26
  32. Burden is Always on Taxpayer 01:08:35
  33. Accountable Plans 01:09:54
  34. Exceptions to Documentation 01:10:34
  35. General Info Required 01:12:32
  36. Hotel Documentation 01:15:16
  37. Restaraunt Documentation 01:16:00
  38. Expense Logs 01:16:17
  39. Expense Logs (cont’d) 01:17:00
  40. Reporting Requirements 01:21:29
  41. W-2 Reporting 01:24:18
  42. W-2 Reporting of Reimbursements 01:24:32
  43. 1099 Reporting 01:27:01
  44. Independent Contractor Consequences 01:27:13
  45. The Common-Law IRS Factors 01:27:41
  46. 1099-MISC Filing Requirements 01:30:48
  47. Timing 01:31:42
  48. Exceptions 01:32:48
  49. Form 1099-MISC 01:35:13
  50. Form -NEC 01:36:27
  51. Presentation Closing 01:40:56
  • Accountable Plan 01:09:54, 01:26:56
  • COVID-19 00:16:14
  • Expense Reimbursement 00:07:51, 01:10:34
  • Form 1099_NEC 01:30:57, 01:36:30
  • Form 1099-MISC 01:30:58
  • Form W-2 01:21:38, 01:24L21
  • Independent Contractor 01:30:51
  • Invoice 00:06:26
  • Per Diem 00:13:45,  00:17:56, 00:58:38
  • Section 162 00:31:29
  • Standard Meal Allowance 00:13:36
  • Tax Cuts and Jobs Act 00:03:02, 00:07:47, 00:10:27
  • Tax Home 00:37:05
  • Travel Expense 00:30:35, 00:33:25

Accountable Plan: An accountable plan is a plan that follows the Internal Revenue Service (IRS) regulations for reimbursing workers for business expenses in which reimbursement is not counted as income. ... However, these expenses must be business-related to fall under an accountable plan.

COVID-19: COVID-19 (coronavirus) is an illness caused by a virus that can spread from person to person. The virus that causes COVID–19 is a new coronavirus that has spread throughout the world. COVID-19 symptoms can range from mild (or no symptoms) to severe.

Expense Reimbursement: Expense reimbursement is a method for paying employees back when they spend their own money on business-related expenses. These expenses generally occur when an employee is traveling for business but can occur in other work-related situations. (www.thebalancecareers.com)

Form 1099-MISC: The Form 1099-MISC is an Internal Revenue Service (IRS) tax return document used to report miscellaneous payment?s made to nonemployee individuals, such as independent contractors, during the calendar year. (www.shrm.org)

Form 1099-NEC: In the context of 1099 tax filing, NEC stands for “Nonemployee Compensation” (the first letters of the three words None, Employee and Compensation). Most tax payers recognize NEC as box 7 on Form 1099-MISC. NEC is used to report income paid to independent-contractors / the-self-employed (referred to as 1099 employees for simplification purposes). So, while employers report income that gets paid to employees on Box 1 (Wages, tips, other compensation) of the W2 form, payers report income that gets paid to none-employees on Box 7 (NEC) of the 1099-MISC form. As an individual, if you received form 1099-MISC instead of Form W-2 then the payer did not consider you an employee and did not withhold income tax or social security and Medicare tax.

Form W-2: Form W-2 is an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. - Wikipedia (https://en.wikipedia.org/)

Independent Contractor: An independent contractor is a person or entity contracted to perform work or provide services to another entity as a non-employee. As a result, independent contractors must pay their own Social Security and Medicare taxes. - Investopedia (https://www.investopedia.com/)

Invoice: An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer. Payment terms are usually stated on the invoice.

Per Diem: (Latin for "per day" or "for each day") or daily allowance is a specific amount of money an organization gives an individual, often an employee, per day to cover living expenses when traveling for work. - Wikipedia (https://en.wikipedia.org)

Section 162: Section 162(a) allows a deduction for all the ordinary and necessary expensespaid or incurred during the taxable year in carrying on any trade or business. Section262, however, provides that no deduction is allowed for personal, living, or familyexpenses

Standard Meal Allowance: The standard meal allowance is the federal M&IE (meals and incidental expenses ) rate. You can use the standard meal allowance method as an alternative to the actual cost method. It allows you to use a set amount for your daily M&IE, instead of keeping records of your actual costs.

Tax Cuts and Jobs Act: The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, Pub.L. 115–97, is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act, that amended the Internal Revenue Code of 1986.

Tax Home: A tax home is the general locality of an individual's primary place of work. It is the city or general vicinity where his or her primary place of business or employment is located, regardless of the location of the individual's residence.

Travel Expense: Travel expenses are costs associated with traveling for the purpose of conducting business-related activities. Travel expenses can generally be deducted by employees as non-reimbursed costs incurred while traveling away from home specifically for business purposes.


Guest Speaker

  • Chuck Borek

CPE Credit

Continuing Professional Education

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For more information regarding administrative policies such as complaint and refund, and cancellation please contact our offices at 407-542-4317 or training@auroratrainingadvantage.com.

You must answer all questions during the webinar, view the recording completely and pass the test at the end with 70% correct answers to receive CPE credit.

ATATX Credit

Aurora Training Advantage is offering continuing education points designed to recognize dedication to training and excellence in accounting.

HRCI Credit

Human Resource Certification Institute
This program has been approved for credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.

SHRM Credit

Society for Human Resource Management
Aurora Training Advantage is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.

ATAHR Credit

Aurora Training Advantage is offering continuing education points designed to recognize dedication to training and excellence in human resources.