Overview:
Employee Expense Reimbursement for 2021: Guide to IRS Compliance incorporating the TC & JA
Employee expense reimbursements that aren’t handled accurately can wind up being disallowed as expenses, or even considered as compensation by the IRS. If this happens, your company is on the hook for paying the associate payroll taxes - costing you more money as well as any penalties! You need to make sure your reimbursements are truly considered nontaxable, and that’s a real challenge for even seasoned payroll pros.
Don't take chances with your expense reimbursement plan for employees and independent contractors.
Why you should Attend:
- Define and present the general rules about what makes expense reimbursements taxable for payroll, and what is excluded from payroll taxes
- Determine whether or not your expense reimbursement policy reflects the information necessary for your employees to get you the information you need, without being overly burdensome
- Evaluate some specific types of expense reimbursements that your company regularly processes for workers, and determine if you are valuing and taxing them as appropriate
- Recognize the signs of employee fraud perpetrated in employee expense reporting
Areas Covered in the Session:
- What makes an "Accountable Plan" - Guidelines to help you in 2018
- Your options for calculating and reporting taxable expenses to the IRS
- Keys to taxing reimbursements: What're expenses vs. compensation
- High on the audit list: Detailed rules for specific reimbursement types
- How to avoid employee fraud - red flags and what to watch out for
Who Will Benefit:
- Payroll Management and Staff
- Dept Managers
- Human Resource Professionals
- Accounts Payable Staff and Management
- Accountants and Finance personnel