IRS travel rules: Panama Canal, here we come! — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

IRS travel rules: Panama Canal, here we come!

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in Office Management,Payroll Management

There’s travel and then there’s travel. If em­­ployees attend a business convention in Europe, for example, you can’t reimburse their business expenses on a tax-free basis unless they demonstrate that the convention’s location satisfies heightened standards of reasonableness.

Employees who attend business conventions in North America, on the other hand, need only establish the familiar elements of the accountable plan rules for their reimbursements to be tax-free: they must document the time, place and business purpose of their trips, and submit receipts. For this purpose, North America now in­­cludes Panama. (Rev. Rul. 2011-26, IRB 2011-48)

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