Purchasing Card Compliance with IRS Guidelines

Speaker : Brent Meyers

Brent Meyers has extensive knowledge of the accounts payable proc |  more...

Topic ID : 50

Duration : 60 Mins

Live : Coming Soon..

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Course Description:

This webinar on purchasing card compliance highlights the evolution of IRS involvement in the use of credit cards for business use, more commonly referred to as Purchasing Cards. It will explain changes in the way these transactions are governed so your business can operate optimally in the credit card space.

Course Objective:

Are you meeting all the requirements for credit card reporting that the IRS has put forth? 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 from the Durbin amendment does not affect issuance or usage of credit cards it has thrown light on the entire process.

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. This session will address some of the hot topics in purchasing card compliance such as, the dollar amount of the receipt as well as the amount of food, travel, and lodging expenses that can be deducted as business expenses.

As usage of purchasing cards 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.

Course Outline:

  • 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.

Target Audience:

The following personnel will benefit from this training
  • Financial Officers
  • Risk Officers
  • Internal Auditors
  • Operational Risk Managers
  • Credit Card Program Administrators
  • Members of National Association of Purchasing Card Professionals (NAPCP)

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