04 – 008 payday loans (for travel along with other purposes)

04 – 008 payday loans (for travel along with other purposes)

A. SUMMARY OF ADMINISTRATIVE PROCEDURE

This process relates to all improvements produced by check or money for travel or any other company cost; the task establishes advance that is maximum and requires prompt accounting by workers. Unreturned advances is likely to be at the mercy of collection through payroll withholding if needed for collection.

1. Irs Regulations (Sec. 1.62-2) requires that cash advances and expense reimbursements should be reported as earnings on an employee’s kind W-2 subject to income tax withholding UNLESS paid under an “Accountable Plan.” An Accountable Plan is just one that satisfies three needs:

a. Has a small business connection – improvements should be restricted to reasonable job-related costs expected to be incurred by the worker, plus the cost type could be allowable as a taxation deduction. (more…)

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