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Employee travel expenses submitted after 60 days
September 11, 2023
Q. We have several employees that have company credit cards for travel and they purchase other items for the company. The company pays the credit card company directly for these expenses, no money is reimbursed to the employee. My question is, when these expenses are submitted past the 60 are they considered taxable income for the employee and added to their W-2?
A.
(Answered by IOFM's third-party tax experts)
The federal tax regulation states that substantiation (of the amount that could be…
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