37 2014 - Purchasing Card Compliance with IRS Guidelines

Instructor: Brent Meyers
Description:
This webinar highlights the evolution of IRS involvement in the use of credit cards for business use, more commonly referred to as Purchasing Cards. As usage has increased in recent years so has the governance of these transactions. Many changes have occurred or been proposed that haven’t been as publicized as needed so many companies are left wondering. The goal of this webinar is to help uncover some of these changes so your business can operate optimally in the credit card space.
Are you meeting all the requirements for credit card reporting that the IRS has put forth? I hope the answer is yes, but many times when faced with an audit issues are found. The more information you are armed with when facing potentially foreign territory. While the recent legislation form the Durbin amendment does not affect issuance or usage of credit cards it has shown light on the entire process.
Why Should you Attend:
With the evolution of software systems by credit card issuers compliance is becoming an easier process, but there are still many things that need to be reviewed at least monthly to make sure all requirements are being met. The dollar amount of the receipt is always a hot topic as well as the amount of food, travel, and lodging expenses that can be deducted as business expenses. These topics and many more will be discussed.
Objectives of the Presentation:
Receipt requirements
Standard for 1099 reporting
Percentage/ dollar amount of business expenses that can be written off
Reasoning for business expenses
Requirements for names on cards
Who can Benefit:
Financial Officers
Risk Officers
Internal Auditors
Operational Risk Managers
Credit Card Program Administrators
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