Travel and entertainment expense

Travel and entertainment expense

Funds spent on business travel and entertainment that qualify for a tax deduction of 50% of the amount claimed.

Travel Expenses

Expenses incurred when a person conducts business away from home. For example, if one must travel to another location to conduct a meeting with an important client, any lodging, meals, or transportation costs usually count as travel expenses. One may deduct travel expenses from one's taxable income, provided they are in fact directly related to business. For this reason, travel expenses are somewhat controversial; some companies, for example, book a business meeting at a major resort and deduct the entire cost. Whether this is an actual travel expense is a matter for debate.
References in periodicals archive ?
The result is a compact but thorough guide to developing a well-run travel and entertainment expense process.
Concur Expense is designed to automate the travel and entertainment expense management process, from expense report preparation and approval to policy compliance, reimbursement and data analysis.
162(m) limits on deductions for executive compensation, cases involving voluntary employees' benefit association (VEBA) and deferred compensation deductions, IRS guidance relating to travel and entertainment expense deductions, developments under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) regulations and the new "Nanny" tax provisions.
3) What internal controls do selected hospital systems report as having in place over the approval, payment, and monitoring of executive travel and entertainment expenses, gifts, and other perquisites?
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