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Deductions & credits
Of course, as an employee of the company being paid on a W-2, you could have the company pay you for the use of the car under an accountable plan and add it to your wages.
To offer an accountable plan, an employer must comply with three standards:
- The expenses must have a business connection;
- The expenses must be substantiated within a reasonable period; and.
- The employee must return any money not spent to the employer, also within a reasonable period.
https://www.journalofaccountancy.com/issues/2020/feb/employee-expenses-accountable-plan.html
https://www.irs.gov/pub/irs-pdf/p5137.pdf
https://www.journalofaccountancy.com/issues/2020/feb/employee-expenses-accountable-plan.html
May 1, 2022
5:13 AM
6,297 Views