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 deductions. To determine the expenses that taxpayers are able to deduct, fundamentals are reviewed and planning opportunities are identified. Practitioners will learn to master the proper administration of these complex and often cumbersome provisions.
Delivery Method: Online Self Study
Advanced Preparation: None
Policies: Click here
Field of Study: Taxes
Passing Score: 70%
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1. Recognize the "away from home" requirement and related deductions, determine what constitutes transportation and travel expenses noting the tests for tax home and recognize the differences between temporary and indefinite work assignments including their effect 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 noting the deductibility tests of Section 162 and identify business entertainment activity deduction restrictions.
4. Identify deduction limitations including the percentage reduction for meals and entertainment expenses, specify miscellaneous itemized business deductions and expenses associated with an entertainment facility, and recognize employee expense reimbursement and reporting options including available federal per diem rates and special treatment for the self-employed.
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CPA: Suitable for all CPAs
IRS: Enrolled Agents Program Number 263UK-T-00117-14-S