This is a reminder to please submit receipts to your fiscal staff in a timely manner to avoid tax.
As of January 1st, 2023 expenses in Concur will be reported as taxable income to the Internal Revenue Service (IRS) if they do not meet the requirements of the University of Colorado’s accountable plan. The expenses will be shown on your pay advice and IRS Form W-2 as Business Expense (BEX).
The University of Colorado’s accountable plan is outlined in the Finance Procedural Statement (FPS) for Business Expense Substantiation & Tax Implications. To successfully substantiate business expenses related to commercial credit card use (procurement card, travel card, and/or airfare card) and employee personal reimbursement, the FPS states that the employee must:
- Provide, in the expense report, required receipts and sufficient explanation of the business nature of the expense
- Submit the expense in the Concur Travel & Expense Management System within 30 days of the date the transaction occurred, or within 30 days of the end of the related trip if the expense was incurred directly related to or while in travel status (transactions will be taxable if expenses are submitted after the 90-day period and violation points for Procurement cards are assessed after the 30-day timeframe)