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IRS Tightens scrutiny on expense accounts and prizes
The Internal Revenue Service plans tighter review of expense accounts and employer awards starting January 1. Field agents will examine deductions for club dues travel entertainment and questionable trips. Prizes or trips paid by employers are treated as gross income and must be reported. advances in handling prize trips may blur lines between business and personal travel.
MENTIONED IN THIS ARTICLE
New York
Internal Revenue Service
The
Revenue Service