Travel, Entertainment and Auto Rules

  • Credits: 16
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Update
  • Author/Speaker: Danny Santucci
Available Formats:  
Advanced Preparation: None
Experience Level: Overview
Program Prerequisites: General Understanding of Taxes
Course ID: EWTFM-U-01835-21-S | 6233-CE-0375
Published Date: © Sept 2021
COURSE DESCRIPTION

Updating practitioners on current developments, this core program examines and explains the practical aspects of travel and entertainment deductions. Fundamentals are reviewed and planning opportunities are identified. Creative strategies are discussed and evaluated along with traditional approaches. Taxpayers are once again looking to their tax professional for guidance and planning related to travel and entertainment expenses. The goal of this course is to understand and solve problems. Participants will learn to master the proper administration of these complex and often cumbersome provisions in a humorous and entertaining format.

Topics include:
  • CHAPTER 1 Travel Expenses
  • CHAPTER 2 Categories of Business Travel Expense
  • CHAPTER 3 Local Transportation
  • CHAPTER 4 Automobiles
  • CHAPTER 5 Entertainment and more...
Learning Objectives

After reading participants will be able to:

  • Determine the difference between transportation and business travel under §162 by identifying types of business travel expenses and the deduction and amortization requirements of §165 and §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.
  • Identify temporary and indefinite job assignments recognizing the critical factor in distinguishing the two job assignments.
  • Identify the elements of domestic business travel and what costs are deductible.
  • Determine the rules and limitations on cruise ship conventions specifying the luxury water travel exception, recognize the companion travel expense limitations, and identify whether expenses for aides to handicapped taxpayers accompanying the taxpayers on business trips are deductible travel expenses.
  • Identify the regular/irregular rule, determine a temporary work site under R.R. 90-23, recognize the impact of R.R. 94-47 and R.R. 99-7 on transportation between a taxpayer’s residence and workplace, specify the §280A home office requirements and their impact on business transportation, and identify the hauling tool rule
  • Recognize the §179 expensing deduction’s relationship to depreciation and when to use it.
  • Specify the impact of the §280F predominate business use rule, as established by the Tax Reform Act of 1984, on depreciation, excess deductions, and the former investment tax credit
  • Identify the mechanics of the standard mileage method including the ability to switch methods, deduct charitable and medical transportation, and MACRS depreciation limitations.
  • Identify former deductible home entertainment expenses, determine the prior limits on ticket purchases, and cite provisions under which goodwill entertainment was previously deductible.
  • Identify whether an employee must file Form 2106, determine the substantiation requirements of TRA ‘86 and Family Support Act 1988, and specify the requirements for an accountable plan and “reasonable period of time” safe harbors.
  • Determine how to report income and expenses with or without adequate accounting, specify the differences between entertainment and non-entertainment expenses incurred by an independent contractor, identify whether an employer can take deductions for reimbursed travel, meals, and/or business gifts, and determine how to make appropriate disclosures on tax returns of the required information.

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Other Tax Return Preparer (OTRP)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA
IRS
CTEC