1 Maintain records of the total compensation paid to each director, including any compensatory payments or reimbursement of the travel expenses of the foundationâs director and family members. 2  Once this checklist has been completed it quickly becomes obvious that reasonable compensation is a zero sum game. Maintain records of the total compensation paid to each director, including any compensatory payments or reimbursement of the travel expenses of the foundationâs director and family members. 2  Once this checklist has been completed it quickly becomes obvious that reasonable compensation is a zero sum game.
exists and is an alternate of . Answers.comÂ® is making the world better one answer at a time. Expense checks are used to cover work related expenses. These expenses must be able to be documented, and must be legitimate work expenses.
Travel expenses defined. For tax purposes, travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be required to be considered necessary. You will find examples of deductible travel expenses in Table 1-1 , later.