Travel & Entertainment Expenses & Fringe Benefits

Description

Participants will acquire an understanding of the underlying authority for, and possible complexity of, seemingly simple tax questions, and how that authority ties into tax software programs and preparation of the tax return for an individual. This course specifically addresses the tax treatment of travel and entertainment expenses and fringe benefits.

Highlights

LINK AND INSTRUCTIONS TO COME FROM AES TAX ONE DAY PRIOR TO SESSION

Objectives

After completing this course the participant will be able to:

• Discuss the final regulations which provide guidance on the types of activities that are generally considered as entertainment as well as the treatment of business meals, travel meals, and entertainment meals with a business associate.
• Differentiate  between accountable and nonaccountable plans.
• Describe the proper tax treatment for meal expenses, define business meals, travel meals, and entertainment meals.
• Determine the proper tax treatment for entertainment expenses, including:
• - Whether expenses are for recreation, amusement, or entertainment;
• - Whether expenses are directly related to or associated with the conduct of business;
• - Country club dues, professional athlete, food critic, sky box lounge, Super Bowl tickets.
• Determine how to treat expenses of a significant other.
• Summarize the tax treatment of various fringe benefits, including: group term life insurance, employer-paid health insurance, parsonage allowance, meals and lodging, cafeteria plan, educational assistance, dependent care, qualified adoption, and additional fringe benefits such as qualified transportation fringes.
• Apply the high-low substantiation method and the annual Notice with per-diem rates.
• Determine how to treat communicating expenses, applying Rev. Rul. 99-7, Walker, Soliman, Bogue, Trzeciak, Saunders.

Designed For