Withum

OCTOBER 7, 2024

Expenses paid under an accountable plan are not treated as income to the employee. If not properly reported and documented, business-related expense reimbursements can be considered taxable compensation to employees and therefore subject to applicable payroll taxes. What is an accountable plan?

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SkagitCountyTaxServices

MAY 12, 2021

You probably didn’t realize that there are actual pros and cons to expense reimbursement for employees, etc. Now, let’s dive into handling business expenses paid by employees. If you’ll forgive me, I’m going to get pretty geeky today. or using a company cc. You gotta spend money to make money.

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RogerRossmeisl

AUGUST 9, 2022

For example, a colluding manager might override controls to allow another employee to commit expense reimbursement or payroll fraud. Colluding thieves usually either ignore internal controls or take steps to hide noncompliance. The post 5 Ways to Stop Employees from Colluding in Fraud appeared first on Roger Rossmeisl, CPA.

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CPA Practice

DECEMBER 22, 2023

Inappropriate Personal Spending/Expense Reimbursement This form of asset misappropriation refers to when an employee uses company credit cards and/or funds for personal expenses, submits expense reimbursement requests for non-business related purchases or makes purchases in excess of normal spending policies.

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Katz,Sapper&Miller

MAY 4, 2020

On April 30, the IRS issued Notice 2020-32, which states that the expenses that provide the basis for loan forgiveness under the Paycheck Protection Program (PPP) will be non-deductible.

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CPA Practice

AUGUST 7, 2023

Justworks, a benefits, payroll and HR technology provider, has launched Expenses, an expense management tool that Justworks PEO customers can use to process expense reimbursement requests alongside payroll. Expenses consolidates tools and minimizes the risk of error when reimbursing employees for out of pocket expenses.

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CPA Practice

JULY 24, 2023

Justworks, a benefits, payroll and HR technology provider, has launched Expenses, an expense management tool that Justworks PEO customers can use to process expense reimbursement requests alongside payroll. Expenses consolidates tools and minimizes the risk of error when reimbursing employees for out of pocket expenses.

Expense Management 94

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Patriot Software

OCTOBER 14, 2022

Sometimes, an employee might pay for a business expense out of their own pocket. When that happens, you can reimburse the employee. An employee expense reimbursement does come with some complications. Are reimbursements taxable? Do you need to report the reimbursement? What are expense reimbursements?

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RogerRossmeisl

OCTOBER 28, 2020

For example, crooked employees might: Steal receipts or cash on hand, Alter or forge checks, Submit fictitious invoices, Pay personal expenses with practice funds, or Cheat on their expense reimbursement requests. Unfortunately, the complexity of medical practice paperwork discourages many physicians from involvement.

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Randal DeHart

AUGUST 18, 2023

Expense reimbursement fraud is the last thing you want to face. Here we discuss employee expense fraud, the reasons behind it, and, most importantly, how to prevent it from happening to your construction business. As a small business owner, you always look to keep your company running efficiently.

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ThomsonReuters

MAY 4, 2023

29, 2023) Available at [link] The IRS Chief Counsel’s office has released a memorandum that addresses the substantiation requirements for medical and dependent care expenses and the consequences of various substantiation shortcuts. IRS Chief Counsel Memorandum 202317020 (Mar. The memo addresses six situations.

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Patriot Software

AUGUST 30, 2022

Adoption assistance benefits are payments and expense reimbursements employers provide to employees […] READ MORE. If so, read on to review the benefits of providing adoption assistance and the steps you need to take. What are adoption assistance benefits?

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CPA Practice

MARCH 18, 2024

This miscellaneous expense deduction was suspended from 2018 through 2025, but will be revived by the TCJA in 2026. Moving expense reimbursements: A special tax code provision provided a tax exclusion for moving expense reimbursements provided by employers to employees.

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Withum

NOVEMBER 3, 2022

With the audit underway, and as Jack evaluated the union’s process, they found that among Sherry’s responsibilities, she reviewed and approved employee expense reimbursements, processed payroll (through which employee reimbursements were processed), and managed special events.

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LSLCPAs

NOVEMBER 8, 2022

We advise our clients to keep their HSA funds in the account and not to withdraw funds for medical expense reimbursement. To withdraw or not to withdraw funds from your HSA: what should you do? Here’s why: The HSA can be invested and the investment earnings grow tax free. It is even better than a.

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PYMNTS

NOVEMBER 8, 2020

The release says the expensemanager solution will help fill a hole in the market for a mid-market option to automate the expense reimbursement process as well as purchase orders and supplier invoice, receipt, approval and payment process.

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Withum

JULY 20, 2022

Expense reimbursement schemes (11% of cases) – an employee submits and gets reimbursed for fictious or personal expenses via the company’s expense reimbursement process. Non-cash schemes (18% of cases) – theft of physical assets, investments, or proprietary information. Corruption.

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Airbase

JANUARY 11, 2023

At Airbase, we’ve heard stories about the problems that our customers used to have when closing the books, with entries for spend flooding in from all areas on corporate cards, via purchase orders, and from expense reimbursement requests.

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ThomsonReuters

APRIL 13, 2023

Expenses that merely benefit an individual’s general health or well-being are not considered to be for medical care (see our Checkpoint article ). For more information, see EBIA’s Cafeteria Plans manual at Sections XX.D (“Expenses Reimbursed Must Be for Medical Care”), XX.L.4

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Withum

FEBRUARY 5, 2024

Officer and Employee Expenses and Compensation – For example, the method for approving officer salaries, adherence to DOL documentation requirements and Union policies for expense reimbursements and credit card charges, reporting of gifts on LM-30, background checks, etc.

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ThomsonReuters

MARCH 4, 2021

But the suspension continues to take its toll on employees who have incurred unreimbursable business expenses that are no longer deductible. Contributing Editors: EBIA Staff. The post IRS Issues 2020 Form 2106 and Instructions appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

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SMBAccountant

NOVEMBER 17, 2021

This can include deductions for Social Security, Medicare, federal and state income taxes, health insurance, 401k, child support, expense reimbursements, and many others. When posting the net pay as the business’s expense, all those deductions that were paid by the employee are reducing the company’s expense.

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ThomsonReuters

MARCH 23, 2023

They also remind administrators of the importance of obtaining adequate and appropriate substantiation before reimbursing claims and highlight the challenges involved with certain expenses.

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ThomsonReuters

APRIL 28, 2022

However, it reminds administrators of the importance of obtaining adequate and appropriate substantiation before reimbursing otherwise personal items and highlights the additional challenges involved with dual-purpose expenses.

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ThomsonReuters

SEPTEMBER 30, 2022

For more information, see EBIA’s Fringe Benefits manual at Section XXI.G (“Travel Expense Reimbursements: Substantiation”). If substantiation is required, any unsubstantiated portion of the allowance must be returned or treated as taxable wages. Contributing Editors: EBIA Staff.

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ThomsonReuters

MARCH 11, 2021

For more information, see EBIA’s Fringe Benefits manual at Sections II.E (“Employee Business Expense Reimbursements”) and XXI.G (“Travel Expense Reimbursements: Substantiation”). The post What Are the Tax Consequences of Providing Per Diem Payments for Employee Travel Expenses? Contributing Editors: EBIA Staff.

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ThomsonReuters

FEBRUARY 24, 2022

A deceased employee’s balance may not be used to reimburse the medical expenses of anyone other than those individuals (there is a limited exception for certain state governmental HRAs), or paid for any reason other than medical expense reimbursement. 12 (“Forfeit Account Balances or Permit Spend-Downs?”), XXII.C.2

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PYMNTS

MARCH 4, 2020

26 percent: Share of hearing-impaired consumers not buying hearing aids due to expense and demeaning purchase experiences. involving expense reimbursement. Data: $68K: Median fraud loss in the spend management industry. 1K: Number of robots DHL has recently added to its existing warehouse locations.

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ThomsonReuters

JULY 29, 2021

These types of payments could potentially be reimbursable. For more information, see EBIA’s Cafeteria Plans manual at Sections XX.D (“Expenses Reimbursed Must Be for Medical Care”) and XX.H (“Health FSAs Cannot Reimburse Insurance Premiums”).

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PYMNTS

NOVEMBER 9, 2020

The partnership, which makes expensemanager the first local Australian partner for Sage Intacct, will allow customers a streamlined integration method while providing a mid-market option to automate the expense reimbursement process. UK Digital Bank Starling Launches New Capital Drive as Founder Anne Boden Eyes IPO.

Finance 76

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PYMNTS

OCTOBER 29, 2020

Smart cards are gaining popularity in the business world as the pandemic appears to be exacerbating the pre-existing problem of employees spending significant sums in the services of their companies only to then have to battle expense-reimbursement systems to get their money back.

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ThomsonReuters

FEBRUARY 23, 2023

For instance, if a client repeatedly fails to properly record their business expenses, explain to them why it is important to be compliant. Then introduce them to a tool they can use, like an expense reimbursement worksheet, to help change their behavior.

Tax 105

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ThomsonReuters

FEBRUARY 23, 2023

For instance, if a client repeatedly fails to properly record their business expenses, explain to them why it is important to be compliant. Then introduce them to a tool they can use, like an expense reimbursement worksheet, to help change their behavior.

Tax 98

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PYMNTS

AUGUST 13, 2018

WeChat , an online messaging service operated by Chinese technology conglomerate Tencent, is looking to enhance its ability to facilitate employee expense reimbursements, and reports said the firm is exploring blockchain as part of the effort. CoinDesk reported Friday (Aug.

Expense Management 41

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ThomsonReuters

SEPTEMBER 16, 2021

For more information, see EBIA’s Cafeteria Plans manual at Sections XX.C (“Health FSA Plan Document Must Permit the Reimbursement”), XX.D (“Expenses Reimbursed Must Be for Medical Care”), and XX.M (“Table of Common Expenses, Showing Whether They Are for ‘Medical Care’”).

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PYMNTS

MARCH 31, 2020

Huilianyi was started in 2016 and is a software-as-a-service (SaaS)-based system for travel expense reimbursement. Huaxing Capital subsidiary Huaxing New Economic Fund headed up the Series C+ round. A Huaxing Capital official called the company “an absolute leader in the industry,” per a translated statement.

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PYMNTS

FEBRUARY 27, 2020

Payouts by Cashfree have been used by a number of businesses, including Delhivery, Xiaomi , Club Factory and Shell, for reasons as varied as vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards and more.

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