Employee Business Expenses” Please respond to the following:
- As part of his contract at his new job, Jim is provided a company car and gas card to go back and forth to work. He sometimes uses the car for out-of-town travel approximately once a month. Jim also uses the car and the gas card for his family vacations, dinner, etc.
Explain the applicable tax law regarding employee compensation and the criteria for deducting expenses Make at least two recommendations for ways that Jim can ensure that he is compliant with the tax law.
