One of the most frustrating internal control processes for accountants and auditors alike is the dreaded company credit card and employee expense reimbursements. You might be thinking, let’s just switch to per diem and the administrative headache all goes away. I’m sorry to say, however, that it is not always the case. So, which is better – per diem or accountable plans? As in life, as in accounting … it depends!
Per Diem
On December 29, 2022, President Biden signed the Consolidated Appropriations Act, 2023, which includes the provisions of the Securing a Strong Retirement Act, commonly called SECURE 2.0. This package of laws is a follow-up the Setting Every Community Up for Retirement Enhancement (SECURE) Act signed into law at the end of 2019. SECURE 2.0 covers numerous changes to retirement provisions designed to increase retirement savings, facilitate access to retirement savings, encourage employees to save for retirement, and lower employers’ cost of offering and funding retirement savings plans.
More about the GWSCPA Nonprofit Financial Accountability Task Force.
