Test-Senior Tax Specialist Certification i este Employee Business Expense Questi

Question

Test-Senior Tax Specialist Certification i este Employee Business Expense Question 47 of 75. ode requires substantiation of all of the following- the amount of the expense, the time, place, or description, and iness purpose/business relationship- EXCEPT when O Expenses are clearly ordinary and necessary. O The employer provides an advance to the employee. O The standard meal rate is used for travel meals and travel meals are the only expense. e expenses on Form 2016 Mark for follow up Question 48 of 75. Which of the following is NOT a factor used to determine the tax home of a taxpayer with more than one place of

Explanation / Answer

47. Ans A Expenses are clearly ordinary and necessary.

If the employee is not required to account to his employer for his ordinary and necessary business expenses, e.g., travel,transportation, entertainment, and similar items, or, though required, fails to account for such expenses, he must submit, as a part of his tax return, a statement showing the following information:

(1) The total of all amounts received as advances or reimbursements from his employer in connection with the ordinary and necessary business expenses of the employee, including amounts charged directly or indirectly to the employer through credit cards or otherwise; and

(2) The nature of his occupation, the number of days away from home on business, and the total amountof ordinary and necessary business expenses paid or incurred by him (including those charged directly or indirectly to the employer through credit cards or otherwise) broken down into such broad categories astransportation, meals and lodging while away from home overnight, entertainment expenses, and other business expenses.

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