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Expense Accounts-- Does Yours Pass IRS Muster?

Posted by James Cosgriff IV

Oct 14, 2015 11:52:00 AM

Many businesses reimburse their employees for expenses incurred while out of the office during business related activities.  It is important for these businesses to consider whether or not they have an “accountable plan.”  Under an accountable plan the employer does not report expenses reimbursed to employees as income to the employee.   If the business has a plan that does not meet the specific requirements of an accountable plan then the employer reports the reimbursements as income to the employee. This income will be subject to withholdings and employment taxes. 

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Topics: irs, expense accounts

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