Question

Is providing a list of specific expenses generally sufficient to meet the accountable plan substantiation requirement?

1) Yes
2) No
3) Cannot be determined

Answer 1

Providing a list of specific expenses is generally sufficient to meet the accountable plan substantiation requirement.

Step-by-step explanation:

Providing a list of specific expenses is generally sufficient to meet the accountable plan substantiation requirement. An accountable plan is a reimbursement or expense allowance arrangement that requires employees to adequately account for their expenses to their employer.

In order to meet the substantiation requirement, the list of expenses should include details such as the amount of the expense, the date, the business purpose, and the place of the expense. Additionally, receipts or other documentary evidence should be provided to support the expenses.

By providing a specific list of expenses along with the necessary details and supporting documents, employees can meet the substantiation requirement and ensure compliance with the accountable plan.