Frequently Asked Questions
Here are some frequently asked questions that we commonly encounter with our business clients.
FOR BUSINESSES
FAQ
1. How do I file an extension?
To file for an extension, you need to use the Form 4868. You can easily download and print a copy here from the IRS official website.
2. How long should I wait to check for my refund status?
Please wait 72 hours after your return has been accepted by the IRS. If you filed on paper, please allow 3 to 4 weeks before checking on the status of your refund. Visit the Where’s My Refund Tool.
3. When are business meals deductible?
Normally, 50% of the cost of a meal is deductible when you are traveling away from home overnight for business. Meals that are considered business related entertainment are also 50% deductible. Be aware that there is additional substantiation required for business related entertainment.
4. Can business entertainment expenses be deducted?
Expenses that are “ordinary and necessary” to entertain a customer, client or employee are deductible if certain tests are met. The expense must be either directly related to business, the main purpose of the entertainment was to conduct business and business was conducted, or the entertainment was directly before or after a considerable business discussion.
5. Is a reimbursement for a business expense considered income?
An employer reimbursement for expense is not reportable as income so long as you give your employer the receipts and a detailed accounting of the expense. You must also return any advance money that was not used.
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