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Here’s Some Travel Money, but Don’t Keep the Change

February 20, 2024 (3 min read)

Completing your employer’s business travel reimbursement form isn’t a fun task—but think of the alternatives.  Failing to do so naturally means you won’t get reimbursed. But what if your employer advances you the money instead? Failing to account for that in a reasonable amount of time can mean that the reimbursement is treated like wages. You wouldn’t want that either. Take a look at the accountable plan rules to learn more about how the task of accounting for your business expenses now can save you (or your client and their employees) headaches later and learn the importance of establishing a workable business expense substantiation process.

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    Explore this practice note reviewing how to substantiate business-related travel, gifts, entertainment, and listed property. To start, the employee must furnish the employer with the date, time, place, amount, and business purpose information required under I.R.C. § 274.  Regulations set forth the applicable substantiation rules that apply to "listed property," which includes vehicles, property generally used for entertainment, and, unless used exclusively for business purposes, computers and peripheral equipment. 

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    • Business Expenses. IRS issues a nonbinding Generic Legal Advice Memorandum (GLAM) providing advice on R.C. § 482 in determining the arm’s-length rate of interest on an intragroup loan to a controlled borrower and so-called implicit parental support. GLAM AM 2023-008.
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