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181. Technology's Role in Modernizing Expense Reporting in Construction
Manage episode 447983673 series 3569447
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This episode of the Mobile Workforce Podcast features a conversation between Mike Merrill and CICPAC Executive Director Kathleen Baldwin. Tune in to hear as they delve into how construction companies can manage travel expenses more efficiently, focusing on the benefits of accountable plans and the role of technology in streamlining expense reporting. This discussion provides practical insights for construction firms looking to improve their financial management and compliance with tax regulations.
Key Takeaways
- Clearly differentiate between accountable and unaccountable plans, focusing on the associated tax implications.
- Leverage technology to automate expense reporting systems, simplifying the documentation of travel expenses for construction companies.
- Navigate multi-state compliance issues by addressing tax regulations and deductions for employees working in different regions.
- Optimize tax deductions by strategically categorizing and documenting travel-related costs to maximize deductible expenses.
- Utilize CICPAC resources and guides to stay informed on tax planning and support for construction firms.
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