Substantiation For Business Travel, Meals And Entertainment Expenses

Substantiation For Business Travel, Meals And Entertainment Expenses

Many businesses incur travel, meals and entertainment expenses as an ordinary span of business. However, these same businesses risk disallowance of the expenses as tax deductions due to poor recordkeeping. The IRS requires paperwork to substantiate that the trouble has a legitimate business purpose. Absent the substantiation, the IRS may disallow the trouble completely.

Here is a brief history of the substantiation guidelines associated with business travel, meals, and entertainment expenses. The IRS requires that each expense involving travel, entertainment, and meals be accompanied by the following documents in order to meet the substantiation requirements. 4. The business-romantic relationship to the taxpayer of the individuals being amused.

Ex: A hotel receipt made up of the name, location, times of travel, purpose of the breakdowns and travel of amounts incurred for lodging, meals, and telephone should fulfill the substantiation requirements. Ex: For foods, a receipt from a restaurant filled with the name and located area of the restaurant, the date, amount, number of people, the business purpose of the meal and the business relationship of the individuals served should satisfy the substantiation requirements. Please, be aware that the IRS and state income agents are being very aggressive during tax return audits and are strictly enforcing these substantiation requirements. Consider keeping a log or account book to substantiate these expenses. Be sure to update the account or log book on a timely basis to ensure adequate records are kept.

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Commodity companies and utilities are still more likely to return cash in the form of dividends, while software and technology companies are more likely to use buybacks. If you’re interested, you can download the entire sector list, with dividends, buybacks, and associated statistics. There is one last loose end to link up on dividends.

If companies don’t return their FCFE (potential dividends) to stockholders, it accumulates as a cash balance. One way to measure whether companies are coming back enough cash is to check out cash balances, scaled to either the market values of these market or the firm’s capitalization. Japan is the outlier clearly, with cash representing about 34% of firm value, and an astonishing 68% of market capitalization.

It may be considered informal empiricism, but it appears to me that Japan is filled with walking dead companies, asking companies whose business models have crumbled but are holding on to cash in desperate hope of reincarnation. It’s the overall Japanese economy that is paying the purchase price for this recalcitrance, as capital remains tangled up in bad businesses and does not think it is way to more youthful, more radiant businesses. January 2018 Data Update 1: Numbers don’t lay or do they? January 2018 Data Update 2: The Buoyancy of US Equities!