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ABO AND COMPANY SUGGESTS A BIGGER BANG WITH EMPLOYEE REIMBURSEMENT BUCKS

  • January 02, 2019 1:20 PM
    Message # 6980119

    Here's the rub. Effective January 1, 2018, an employee no longer can deduct any of his or her unreimbursed employee business expenses. You'll need to read on to see how a slight modification to the arrangement can leave more after-tax dollars in the employee's pocket while costing the employer nothing (and even saving a few dollars).

    Most companies cover their employees' business expenses by reimbursing them for their actual expenses or by paying a travel or mileage allowance. (Here’s a shocker – such applies to law firms – go figure) Such arrangements are subject to strict tax rules concerning what qualifies as a legitimate reimbursement arrangement and what is treated (at least for tax purposes) as additional compensation to the employee. Click on the attached file to continue reading.

    Last modified: January 02, 2019 1:20 PM | Martin Abo
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