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Do I Have Tax Liability For Purchasing Card Or Declining Balance Card Purchases?

April 26, 2017Balance card declining liability purchases purchasing tax

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Do I Have Tax Liability For Purchasing Card Or Declining Balance Card Purchases?

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Yes – per the Internal Revenue Code if you do not provide business substantiation (original itemized receipt and complete business purpose notes) within 60 days of the purchase USF is obligated to add those amounts to your taxable W-2 wages. Reminders will be provided by Business and Finance to avoid this circumstance.