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Hot Audit Issues: Substantiation for Cars, Meals, Entertainment, and Gifts (HAIS)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    2
  • Qualifies for

    IRS CPE

Overview

Automobiles, meals, business gifts, and entertainment are deductible if they are documented in accordance with specific IRS requirements. This program addresses how tax practitioners can work with their clients to help ensure that these legitimate deductions are not lost due to sloppy or inadequate recordkeeping. The IRS views these deductions as "low hanging fruit," and often looks to them first when auditing business clients. Taxpayers regularly lose cases involving these expenditures because they are not adequately documented; even though it is clear from the facts that the expenditures were legitimately incurred in connection with the taxpayer's business.

Major Topics:

  • Documentation requirements for business expenditures relating to cars, meals, entertainment, and gifts
  • Accounting for and documenting business miles
  • Complying with special documentation rules for meals and business entertainment
  • Advantages and disadvantages of deducting per diem expenses rather than actual expenditures
  • Accountable and non-accountable plans

Learning Objectives

  • Understand what IRS recordkeeping requirements apply to business meal, travel, entertainment, and business gifts
  • Distinguish an accountable plan from a non-accountable plan and understand the tax consequences associated with each
  • Discuss using per diem allowances for meals and lodging expenses instead of actual expenses

Who should take this course:

Designed for:

Tax practitioners with business clients who incur meal, travel, transportation, entertainment, and gift expenses

Prerequisite:

None

Advanced Preparation:

None

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