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Section 139 Disaster Relief: Allowing Businesses to Deduct Personal Costs

SECTION 139 DISASTER RELIEF: ALLOWING BUSINESSES TO DEDUCT PERSONAL COSTS

Cost Free
Presentation Length 1.0 hour

Recorded DateNovember 14, 2022
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

If this pandemic has a silver lining, Code Section 139 may be just that. Section 139 offers employers a flexible and tax-free way to reimburse employees for certain qualifying expenses incurred because of COVID-19. For example, a business can provide personal gifts, living reimbursements, family costs, etc., to individuals working for the company and these expenses become deductible to the company. It is tax-free and non-reportable to the recipient.

Learn about this strategy for tax firms. With just a few steps, you can save your business clients an average of a thousand dollars per staff member—all while helping their employees (or others like family) with disaster-related home expenses. Qualified expenses may include medical home quarantine, home office, child-care/home care for students, health-related expenses, meals, mental health, and housing.

Learning Objectives:


  • Recognize how Section 139 gives an employer the flexibility to reimburse employees for certain COVID-19 qualifying expenses

  • Identify what expenses qualify under Section 139

  • Recall a case study example of a small business

  • Recall the steps to take to save your business clients thousands of dollars—while simultaneously helping their employees

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Jackie Meyer has been recognized as a 40 under 40 honoree since 2018. Having founded an award-winning CPA firm Meyer Tax Consulting from 2010 to 2022, she is now the founder of TaxPlanIQ, a SaaS Tax Advisory Platform selected for the AICPA 2023 Accelerator Cohort. She is also a Coach of the Certified Concierge Accountant Mastermind and Certified Concierge Tax Accountant.

These experiences uniquely position Jackie to provide insights and best practices that can help transform accounting firms. Her approach, grounded in The ROI Method(TM), focuses on changing pricing modules to align better with client value and addressing cultural and workaholic tendencies that can lead to burnout and turnover, offering transformational solutions to help firms thrive in the face of challenges.

She leads a vibrant Facebook community of "Accounting Firm Influencers" who continue these discussions daily, sharing ideas and driving change in the profession. Jackie aims to promote better health, wealth, and relationships for accountants. With her leadership and expertise, the future of the accounting profession is bound to be bright and full of opportunities.

 

About Our Presenter

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Our CPA firm, is a full-service, tax preparation accounting firm focusing on family owned businesses and advanced personal taxation. We provide tax preparation with the personalization that is needed with high net wealth clientele's evolving needs. As a CPA firm, we keep up-to-date with the changing tax laws and adhere to certain ethical standards and codes of professional conduct established by governmental bodies and peer organizations.