New Policy for Expense Reports

Because discipline and accuracy are essential components of Transwestern’s culture, and our policies must be consistent with IRS guidance, we’ve updated our companywide policy and procedures for expense reports. Some highlights:

• Expense reports should be submitted within 45 days of the date the expense was incurred. Expenses will not be reimbursed if submitted after 75 days.
• Team members should take reasonable steps to book travel that provides the greatest value – this includes purchasing economy airfare early, selecting moderately priced hotels convenient to the destination, and using approved forms of ground transportation.
• Suppliers and vendors must submit invoices to Transwestern for fees/services incurred and these invoices should be processed through Accounts Payable. Unless it is an emergency, team members should not pay via personal credit card and include on an expense report.

Additionally, we’ve outlined changes to the existing expense items and spend categories used in Workday in accordance with the Tax Cuts and Jobs Act of 2017, which places stricter limits on the deductibility of business meals and entertainment expenses. See the new guidelines here.