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Travel expenses accounted for after an unreasonably long time
July 3, 2023
Q. If a company has an accountable plan and makes an exception to reimburse an expense that is over 60 days old (e.g., 1 yr old), what are the consequences? Would the company need to treat the reimbursement as taxable income to the employee?
A.
(Answered by IOFM's third-party tax experts)
The federal tax regulations do not define "reasonable period" of time. Reg. sec. 1.62-2(g)(1) states, "In general. The determination of a reasonable period of time will depend on the facts and…
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