Updating practitioners on current developments, this core program examines and explains the practical aspects of travel and entertainment deductions. Fundamentals are reviewed and planning opportunities identified. Creative strategies are discussed and evaluated along with traditional approaches. Taxpayers are once again looking to their tax professional for guidance and planning related to travel and entertainment expenses. The goal of this course is to understand and solve problems. Participants will learn to master the proper administration of these complex and often cumbersome provisions in an entertaining format.
Delivery Method: Online Interactive Self Study
Prerequisites: General understanding of federal income taxation.
Advanced Preparation: None
Policies: Click here
Field of Study: Taxes
Passing Score: 70%
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Chapter 1: Travel Expenses
1. Determine the difference between transportation and business travel under section 162 by identifying types of business travel expenses and the deduction & amortization requirements of section 165 and section 195.
2. Specify deductible travel costs to find a new job, identify investor travel expenses, and determine deductible transportation.
3. Identify the business purpose requirement noting the complications of mixed business and personal travel noting the costs at a destination.
4. Recognize the IRS's and Circuit Courts' definition of "tax home", identify when a taxpayer lacks a tax home, and specify the "away from home" requirement including the sleep and rest rule.
5. Identify temporary and indefinite job assignments recognizing the critical factor in distinguishing the two job assignments.
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CPA: Suitable for all CPAs
IRS: Enrolled Agents Program Number 263UK-T-00103-14-S