Rollover as Business Startup (ROBS 401k) FAQ – Can I submit an expense report to my ROBS Business?
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ROBS 401k FAQ: Submitting Expense Report to ROBS C-corp
Question:
I previously funded my Financial Advisory business via a ROBS 401K. I recently took a client out to lunch but forgot my business debit card so had to pay with my personal card. Can I submit an expense report to be reimbursed by the business?
Response:
While it is a good practice for all businesses (including those that were not funded with retirement funds) to pay for businesses expenses from the business account rather than using personal funds, it is acceptable on an exception basis to be reimbursed by the corporation for legitimate and reasonable business expenses of the type that any employee would be reimbursed for and which are paid with personal funds.
