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Employee Expense Reimbursement for 2024: Guide to IRS Compliance Incorporating the TC&JA
Don't take chances with your expense reimbursement plan for employees and independent contractors. Join our live, 75-minute webinar to discover:
- What makes an "Accountable Plan" - Guidelines to help you in 2024
- Your options for calculating and reporting taxable expenses to the IRS
- Keys to taxing reimbursements: What's an expense 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 & Much, much More!
At the end of the presentation, you will be able to understand, explain, and evaluate your business for compliance with the following:
- IRS Rules for Employee & Independent Contractor Expense Reimbursement
- IRS reimbursement requirements for taxing employee expenses
- Expense reimbursement plans: Accountable vs. non-accountable
- Stay off the audit list: Rules on specific types of reimbursement
- Payroll Requirements for Reimbursements: Expense vs. Compensation
- Tips & tools to calculate taxable expenses - before the IRS does!
- Payroll taxation considerations: When reimbursements count as income
- Personal use of company property: Vehicles, cell phones and more
- Best Practices for Processing and Documenting Expenses: Your Key to Preventing Fraud
- Substantiation and documentation: Excluding reimbursement from wages
- Identifying employee fraud: Clear warning signs to be aware of
- Methods for timely processing and collection of excess advance funds
Overview of the webinar
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 associated 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 pro's.
Who should attend?
- Payroll Management and Staff
- Dept. Managers
- Human Resource Professionals
- Accounts Payable Staff and Management
- Accountants and Finance Personnel
Why should you attend?
- Define and present the general rules about what makes expense reimbursements taxable for payroll, and what are 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.
Faculty - Mr.Mark Schwartz
Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that mean to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits. Mr. Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Markhas represented both clients and the State in front of the State Appeals Board.