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Test Your AP IQ: Accounting for Travel Advances

July 25, 2008

If an employee does not account for a travel advance within a “reasonable period of time” after the expense has been paid or incurred, the amount must be included on the employee’s W-2 form as taxable income. What is this “reasonable period of time?”

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  • In this case the amount that hasn't been returned or submmited thru an expense report should be record under an expense account called additional Taxable income by the employee and tranfered to the W-2 at the end of the year.

    JCALDERON on July 25