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Business & farm
An accountable plan is a method by which you can have the LLC reimburse yourself for business expenses you incurred, and not count the reimbursements as income.
The IRS describes accountable and nonaccountable plans in Chapter 6 of Pub 463. The requirements to be an accountable plan are set forth in the Publication. They are not very complicated; you simply need to adopt them for your business and follow processes to ensure that you're reimbursing yourself appropriately (such as, only reimbursing the amount you can prove as a business expense, keeping receipts. and the like).
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May 22, 2024
3:42 PM
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