Travel Expenses and Taxes: How to Maximize Deductions and Stay Compliant

Overview

This program reviews the statutory and regulatory guidance as they relate to fringe benefits. There will be an emphasis on entertainment, meals and business transportation expenses, including qualified employer-provided parking, with a focus on planning opportunities. Recent federal tax legislation, cases and rulings will also be addressed.

*Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Highlights

• Definition of what qualifies as an entertainment expense
• Strategies to deduct business entertainment expenses
• Deductibility of meals
• Situations not subject to the 50% meals and entertainment reduction
• How to handle automobile issues related to employer-provided parking
• Proper accounting for deductible vs. non-deductible expenditures
• The four steps to analyze business expenses
• The latest federal legislation, cases and rulings

Prerequisites

Basic working knowledge of business taxation and fringe benefit expense reporting

Designed For

CPAs in public practice and industry seeking the latest developments on reporting business travel expenses

Objectives

• Apply guidance of the "big picture" of qualified deductible expenses and strategies and guidance on what to do and when to do it
• Identify key compliance issues when reporting business travel expenses

Preparation

None