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Discussion:Reimbursement for old expenses

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Discussion Forum Index --> Advanced Tax Questions --> Reimbursement for old expenses


Discussion Forum Index --> Tax Questions --> Reimbursement for old expenses

Smokeytax (talk|edits) said:

19 March 2014
Client, who owns S corporation using cash method of accounting, discovered corporate expenses he had paid for with personal funds several years ago but had failed to reimburse himself for.

Questions:

Is there any problem if he reimburses himself for the old expenses now?

Can we deduct the expenses on the 2013 tax return via writing up an expense report and recording it as a journal entry crediting loan or capital?

Thanks!

Ckenefick (talk|edits) said:

19 March 2014
Clearly outside of the "safe harbor."

But you could always try it.

Smokeytax (talk|edits) said:

19 March 2014
Thanks, Ckenefick

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