Travel, Entertainment, and Auto Rules ON DEMAND

Overview

This course examines and explains the practical aspects of travel and entertainment deductions. Refresh or expand your skillset with business entertainment and travel expense deduction fundamentals under IRC Section 162. Understand what constitutes transportation, including commuting rules, temporary work sites, and the impact of home office requirements on business transportation. The course provides comprehensive coverage of automobile expense methods, comparing actual cost versus standard mileage approaches, depreciation caps under MACRS, Section 179 expensing, and leasing considerations. Learn to meet the documentation and record keeping requirements under Section 274(d) with this business entertainment and travel. Review the meal and entertainment tax deduction rules, including the general entertainment disallowance and remaining statutory exceptions under Section 274(e).

Highlights

Travel, entertainment, and auto rules.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents, and attorneys.

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.