Stepped up Enforcement
The IRS requires we add any undocumented transactions to a cardholder’s income 60 days after a transaction has occurred. We are taking the following steps to help prevent this from happening:
Cardholder/reconciler
- Cut off date reminder when your statement is ready
- Email reminder 3 days later if the cardholder has not completed the on-line statement
- 15 -day reminder (middle of next month) that the card will be deactivated at the end of the month.
- 30-day reminder that card has been deactivated
- 45-day reminder that undocumented transaction will be added to the cardholder’ income at the end of the month.
Approver
- Email reminder that the cardholder has completed their statement.
- 30-day reminder that the card has been deactivated.
- 45-day reminder that undocumented transaction will be added to the cardholder’s income at the end of the month
