Accountable Plans (EXPLAINED - 2020)

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In order to do an accountable plan, you need to be some sort of organization that could have employees. In the case of an owner or operator, somebody who runs their own company, you're going to be pretty much stuck with two choices, an S corp or a C corp.

Under state law, they're both the same, it's either going to be an LLC or a corporation, but its tax is going to be as a C corp where the corporation pays its own tax or an escort, where you elect to have it passed through.

In either one of those, you get to be the employee. Even if you're an owner, and the reason this is important is because then, these employer reimbursements are not reported.

Now, why is this important to you? Because if you're having to report it, it's going on your 1040 somewhere, and some people would say, well I used to write it off on my Schedule A, un-reimbursed employee expenses.

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