Travel, Entertainment & Auto Rules ON DEMAND

Overview

This course will explore the rules of travel, entertainment, and automobile expense regulations under IRC Section 162. This course will detail the “tax home” concept, the sleep and rest rule, and the 51/49 test for business travel deductions. Learn to navigate mixed business/personal travel expenses, convention deductibility under Reg. Section 1.162, and the proper application of standard mileage versus actual cost methods for vehicle expenses. The course covers Section 274(d) substantiation requirements and accountable plan rules for expense reimbursements. Understanding these regulations will strengthen your ability to maximize legitimate deductions while ensuring compliance with IRS requirements.

Highlights

Travel expenses. Categories of business travel expense. Local transportation. Automobiles. Entertainment. Substantiation, and more.

Prerequisites

None.

Designed For

CPAs.

Objectives

Recognize the importance of travel expenses and determine the difference between transportation and business travel under Section 162 by identifying types of business travel expenses and requirements of Section 162, Section 165, and Section 195. Specify deductible travel costs to find a new job, identify investor travel expenses, and determine deductible transportation. Identify the business purpose requirement, the complications of mixed business and personal travel, and costs at a destination. 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. Identify temporary and indefinite job assignments recognizing the critical factor in distinguishing the two job assignments, and more.

Preparation

None.

Notice

None.