Is your company headed for trouble with its travel expenses?
Abstract: In spite of videoconferencing technology and high gas prices, business travel goes on, and companies can’t slack off on the proper tracking and reporting of travel expenses. The IRS, as always, is watching. This article explains how “away from home” is defined for deduction purposes, and what expenses can be deducted. It also discusses the difference between “accountable” and “nonaccountable” reimbursement plans.