Video

  • 13 minutes

Proof of Expenses for Business Travel

 
Recordkeeping and Reporting – proof of expenses, limits on meals deduction, deductible entertainment expense, and deductible gift expense. Generally, you must have written records contemporaneous with activity creating expense. You need to have adequate evidence including receipts, daily journals, etc. If no receipt, a “Safe Harbor” for < $75 non-lodging expenses, which are documented as to description, date, amount, and business purpose of expense, will be considered to be adequately documented. If the employee files expense reports with your employer under an “accountable plan”, employee has no requirement to retain expense records. Otherwise the employee must maintain records and receipts, and possibly file a Form 2106 to claim expenses in excess of reimbursement.

In this 12-minute video our speaker, Josie A. Henneke, CMI, CPA, reviews adequate evidence to prove expenses. She also discusses per diem methods, including why use HI-LO or CONUS per diem rates.

Josie A. Henneke, CMI, CPA is vice president at AGS Capital, LLC. She consults for state and local tax issues. Ms. Henneke reviews and manages state and local tax audits. Previously she was a CFO of a venture capital firm with multistate investments requiring employee travel of all kinds. Ms. Henneke is a certified member of the Institute of Professionals in Taxation and a member of AICPA and Indiana CPA Society.

Runtime: 12 minutes

Faculty

Josie A. Henneke, CPA

Josie A. Henneke, CPA

AGS Capital, LLC

Agenda

Faculty

Josie A. Henneke, CPA

Josie A. Henneke, CPA

AGS Capital, LLC

  • CFO of AGS Capital LLC, a venture capital firm with multistate investments
  • Oversees compliance and preparation of various 1099 forms for over ten companies each year
  • Was a member of the Institute of Professionals in Taxation for over twenty years
  • Member of AICPA and Indiana CPA Society
  • Regularly instructs in tax matters for Lorman Education Services, IPT, and other organizations
  • Worked for the Indiana Department of Revenue for 16 years
  • QuickBooks® expert
  • B.S. degree, Indiana University

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