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Article: Frequent flyer mile relief finally. (tax briefing).(Brief Article)
- Article from:
- The Practical Accountant
- Article date:
- April 1, 2002
CopyrightCOPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The IRS has offered a bonus for business travelers who accumulate frequent flyer miles and then use them for personal travel. In Announcement 2002-18, the Service states, following prior practice, it will not assert that any taxpayer has understated his federal tax liability by reason of the receipt or personal use of frequent flyer miles or other in-kind promotional benefits attributable to the taxpayer's business or official travel.
The announcement notes that there are still numerous technical and administrative unresolved issues relating to these benefits on which no official guidance has been provided. They ...