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Business & farm
It depends. If the S Corporation requires you to use an accountable plan then the answer is no. However, if part of the reimbursement is for the personal use portion of your vehicle, then some income would be required to be reported and the S Corporation would enter that on your 1120S-K1.
- Review accountable and nonaccountable plans in IRS Publication 463.
Deductions: The S Corporation will deduct that expense on their return and the net profit should come to you on the 1120S-K1. You do not enter the expenses again on your tax return.
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‎February 25, 2021
8:05 AM