Taxpayers are once again looking to CPAs for guidance and planning related to travel and entertainment expenses. This comprehensive mini-course examines and explains the practical aspects of business travel and entertainment deduc-tions. To determine the expenses that taxpayers are able to deduct, fundamen-tals are reviewed and planning opportunities are identified. Practitioners will learn to master the proper administration of these complex and often cumber-some provisions.
Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless oth-erwise indicated, no correct or incorrect feedback for any exam question will be provided.
Course Level: Overview. This program is appropriate for professionals at all organizational levels.
Field of Study: Taxes
Prerequisite: General understanding of federal income taxation.
Advanced Preparation: None
Learning Assignment & Objectives
As a result of studying the assigned materials, you should be able to meet the objectives listed below.
ASSIGNMENT
At the start of the materials, participants should identify the following topics for study:
* Transportation & travel distinguished
* Definition of “tax home”
* Temporary & indefinite assignments
* Business purpose requirement for business travel
2
* Convention & meetings
* Statutory exceptions of ordinary & necessary requirement
* Entertainment facilities
* Employee expense reimbursement & reporting
* Self-employed persons
* Employers
Learning Objectives
After reading the materials, participants will be able to:
1. Recognize the “away from home” requirement and related deduc-tions, determine what constitutes transportation and travel expenses specifying the tests for tax home and recognize the differences be-tween temporary and indefinite work assignments including their ef-fect on a tax home.
2. Identify the business purpose requirement using the 51/49 percent test, determine deductible conventions and meetings, and specify the limitations applied to meals and lodging when traveling.
3. Determine what constitutes business entertainment and identify business entertainment activity deduction restrictions and disallow-ance.
4. Specify the §274(e) exceptions to entertainment deduction disal-lowance, recognize the necessity of expense substantiation, and de-termine accountable and non-accountable plans stating the impact on deductions.
After studying the materials, answer exam questions 1 to 10.
Notice
This course and test have been adapted from materials and information contained in the above text and any supplemental material provided. This course is sold with the understand-ing that the publisher is not engaged in rendering legal, accounting, or other professional ad-vice and assumes no liability whatsoever in connection with its use. Since laws are constantly changing, and are subject to differing interpretations, we urge you to do additional research and consult appropriate experts before relying on the information contained in this course to render professional advice.
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