Experience having to travel for work? And have to pay for your own meal expense? If yes, then surely you hoped to be reimbursed, right? Employees or even business owners in some cases have to pay expenses out of their own wallets. The International Revenue Service (IRS) has regulated a method for reimbursing employees for business expenses, which provides a reimbursement plan for the employees and that is called an accountable plan.
An accountable plan simply works on the system that if the reimbursement payments to businesses and their employees are claimed and recorded properly, then they are considered as non-taxable to the beneficiary. On the other hand, if reimbursements are not related to business expenses or are not properly recorded, this time, they are considered as taxable income to the beneficiary. Accountable plans are helpful tools for both the business owners and employees, you just have to make sure that the recordings of your expenses are legit to avoid further deductions on your income.
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