TAXES: Accounts Deceivable

A much-kneaded ball of dough on the U.S. breadboard is the expense account. Suspicious that thousands of people collect more than a few crumbs with every outlay for business expenses, the U.S. Internal Revenue Service decided to try to police a longstanding rule that taxpayers report the excess of reimbursements over expenses. Last year IRS put a line on the 1957 tax form for reporting reimbursed expenses, hastily gave taxpayers a year's moratorium after a howl rocked the very foundation of expense-accountland, sent martini glasses aquivering from Manhattan's gay "21" restaurant to Los Angeles' sporty Romanoff's.

Last week IRS quieted things...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!