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Financial Planning / Tax Strategies
|Subject: Re: Compensation package||Date: 11/1/2004 9:42 PM|
|Author: Fletch52||Number: 73951 of 125866|
If you had a nonaccountable plan any reimbursement from your employer would appear in box 1 of your W-2. I am going to assume that an accountable plan is the opposite, the amount will not be reported on W-2.
An employee will meet the adequate accounting requirement for reimbursement of actual expenses by providing to the employer substantiation of the amount, time, place and business purpose or relationship of the expense. The records should contain documentary evidence such as receipts, an account book, diary, or other similar record in which an employee has entered each expense at or near the time it was incurred.
Taxpayers who receive a per diem, mileage allowance, or reimbursement that does not exceed the applicable federal rate need to substantiate only the elements of time, place and business purpose.
The expenses would be 100% deductible.
to be a temporary assignment it must be realistically expected to last for a year or less.
I hope this is of some help.
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