I am the sole employee of a S Corp. Can the company re-imburse me for classes I took for maintaing my skill/knowledge in current job? Can the company account for these as normal expenses or do they need to be treated differently for tax purposes. thanks, qornam
wrote
If it's for your job with that company, then yes, have the company pay it. If it's for a job with another employer, then no.
-- Paul A. Thomas, CPA Athens, Georgia taxman at negia.net
Your corporation needs to adopt what's called an "accountable plan", validating such in the corporate minutes. This way the corporation pays directly for your CPE's every year. ChEAr$, Harlan Lunsford, EA n LA Wed 9 Mar 2005
I would just deduct them as continuing education; that's how I account for all the CPE I take during the year.
-- Tom Healy, CPA Boulder, CO Web:
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