Anybody have some details on this new tax law? Apparently alt travel to anywhere besides your home office is now considered taxable income?
Was curious to know if all firms are affected and if any of them are offering gross ups? Kinda puts a huge damper on what has traditionally been one of the biggest perks for consultants.
Source? Sounds highly unlikely
My firm does in fact tax non-home based travel.
Always has been taxable. Trick is not to enter it as flex travel in the online system when booking.
So this is a recent development - last summer alt travel was not taxable (at least at my firm) and I'm currently in training and apparently it now is.
hmmm. is that legal? or in correspondence with firm policy?
won't the budget/project controller and/or your manager see that?
i guess im trying to say that dont most firms audit that?
It has always been taxable, since at least 2007, the question of actual compliance varies firm by firm
Alt travel is considered taxable income at my MBB now, definitely a bummer
Wait what lol? I know nothing of this. Is this only certain states? If this is the case I'm about to get rocked come next tax season. I've been home MAYBE once a month the past year.
How are they defining the alt travel? Only flights to other cities or does this count staying in a city and expensing the hotel as well...
Anything you put into your expense system that has the words "alt", "in lieu" of traveling home. Think of it as getting 70% off flights and hotels on weekends
Spoke to out finance guy. We scale up EOY income to offset the tax impact
That's what I do too, doesn't get audited.
I'll usually also book an hour or two on Sunday on timesheet so I can always claim it was a business expense
Haha you guys are terrible.
Wanted to bump this thread -
Which firms do this? Would this policy be enough for you to make a decision on cross offers?
you can always just call the airline directly and have them change your ticket
Optio vitae est placeat. Et neque similique explicabo doloribus similique voluptatem error vel. Debitis praesentium aut dolor. Error sint ab cupiditate impedit assumenda. Molestiae et et quaerat qui ut minus dolores.
Dolorum consequuntur sed non ratione culpa repellat odio accusamus. Nisi ipsa sint et similique officia. Culpa consequatur nesciunt perferendis aut rerum iusto aut.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...