Consider creating an accountable plan

Posted on Jun 29, 2018

Image courtesy of Sira Anamwong at freedigitalphotos.net

Now that itemized deductions have been suspended through 2025, employees can no longer deduct unreimbursed business expenses. Fortunately, you can help your employees out with a tax benefit that is also deductible by creating an accountable plan. When set up properly, it will allow you to reimburse employees for business travel and other related expenses while preventing the need to pay payroll taxes on the reimbursements. Call us if you have questions about setting up an accountable plan for your business.

Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and Twitter.

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