For the following situation, determine whether or not the item is deductible, how it would be deducted on the taxpayer's return (if there are alternatives possible, discuss the conditions that would determine the treatment), and any limitations that might be placed on the deduction.
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Jamie incurs $1,400 of employee business expenses during the current year. Her employer reimburses all of the expenses.
What will be an ideal response?
If the expenses are reimbursed through an accountable plan of the employer, neither the expenses nor the reimbursement amount needs to be reported. If the reimbursement occurs without accountability (i.e., a nonaccountable plan), the reimbursed amount is included in Jamie's gross income. The expenses are not deductible.
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The group within an organization that is responsible for monitoring and evaluating the internal control system is called:
a. the audit committee. b. the internal audit staff. c. the board of directors. d. the accounting staff.
Drop shipping:
A) is equivalent to cross-docking. B) is the opposite of a blanket order. C) means the supplier will ship directly to the end consumer, rather than to the seller. D) is the same thing as keiretsu. E) is a good reason to find a new firm to ship your products.
Copyright protection does not extend to derivative works
a. True b. False Indicate whether the statement is true or false
Which of the following is true regarding NLRB representation election procedures?
a. the NLRB will not order an election unless at least 50 percent of employees have signed authorization cards b. no more than two elections will be held in the same year for the same group of employees c. if an employer commits an unfair labor practice within the week before an election is held, the NLRB will certify the union, regardless of whether it receives a majority of votes d. if an election is ordered, the employer is required to provide the NLRB, within seven days, a list of names and addresses of all employees in the bargaining unit e. none of the above