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Begin by filling in the name of your company at the top of Part I. This identifies who is establishing the expense reimbursement policy.
In the first section, clearly outline the terms and conditions for reimbursement. Specify that only adequately substantiated expenses will be reimbursed, as per your company’s policy.
Continue to detail any exceptions in Part II. List any individuals or types of expenses that are not covered under this accountable plan.
Review all entries for accuracy and completeness. Ensure that all necessary fields are filled out according to your company's guidelines.
Once completed, utilize our platform's signing feature to finalize the document before distribution.

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How to write an accountable plan?

Best practices for an accountable plan A list of reimbursable expenses. A defined timeframe for employees to report expenses (e.g., 10 business days after expenses incurred) The maximum reimbursable limit for each expense and/or guidance on how to calculate reimbursable expenses.

What is an accountable plan for S Corp?

An accountable plan allows S Corp owners to reimburse themselves from the business for business-use or mixed-use purchases made using personal funds. It is common to reimburse home office expenses through an accountable plan. These reimbursements become a deductible business expense, lowering your tax liability.

How to create an accountable plan?

Specifically, an accountable plan must satisfy the following four requirements: The business connection requirement. The adequate substantiation requirement. The return of excess advances requirement. The reasonable time period requirement. Fixed-date method. Periodic-statement method.

What are the IRS requirements for an accountable plan?

The requirements of the accountable plan rules are found in Treasury Regulation 1.62-2; and they require that the payee (1) establish the business purpose and connection of the expenses; (2) substantiate the expenses claimed to the payer within a reasonable period of time; and (3) return any amounts to the payer which

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