With the revised Finance Procedural Statement Business Expense Substantiation & Tax Implications, effective January 1, 2023, requirements for timely substantiation/submission of business expenses apply to commercial credit card transactions – including Procurement Card – in addition to employee reimbursements.

This means that beginning 1/1/23, if you do not document, attach receipts, and submit your Procurement Card transactions on an expense report in Concur within 90 days of the date the expense was incurred, the amount of the expense will be reported as taxable income to you.

How to Prepare:

• If you are a Procurement Card cardholder or cardholder delegate, review any unsubmitted card transactions in Concur now. The PSC sends monthly notification emails on Procurement Card transactions to Procurement Card cardholders/delegates/Approving Officials that highlight unsubmitted expenses older than 30 days.
• Remember that per PSC policy, Procurement Card expenses should be submitted monthly (every 30 days).
• If any Procurement Card expenses have a transaction date on or before October 1, 2022: assign the transactions to a Procurement Card expense report, enter the required business purpose and attached required receipts, and submit the report in Concur immediately. These transactions will otherwise be over 90 days old as of January 1, 2023, and the cardholder could incur a tax liability.

For more information on why Procurement Card cardholders  are subject to taxation on expenses, see our recent blog post and review the Finance Procedural Statement Business Expense Substantiation & Tax Implications.

For questions or feedback, use the feedback form at the bottom of the procedural statement webpage, or reach out to PSC@cu.edu.