Corporate card taxability reminder

The revised Using a University Corporate Card policy introduced a new provision that would make PCard and T&E Card (formerly TCard) transactions submitted 60+ days after the transaction date taxable to the cardholder (unless there are documented extenuating circumstances). Beginning October 15, 2024, transactions submitted after 60 days will be reviewed by the Tax Management Office to determine if they should be reported as taxable income.

In order to prevent a taxable scenario, the following best practices are recommended:

• Submit expenses as soon as possible after the transaction, including transactions that may be in error or fraudulent. Take the appropriate action with either the supplier or bank as early as possible to resolve the issue. Add as much information as possible to the original transaction outlining the circumstances at the time of submission.
• Always gather itemized receipts at the time of the transaction to avoid delays due to documentation requirements:
• PCard — all transactions require an itemized receipt/invoice
• T&E Card (non-travel/hospitality) — all transactions require an itemized receipt/invoice
• T&E Card (travel) — all lodging and any $25+ transactions (excluding meal per diems) require an itemized receipt/invoice
• Clearly explain the reason for the purchase and whether there were any unique circumstances that impacted the purchase.