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Tax Consulting for Meals and Entertainment Expenses
The deduction for meals and entertainment (M&E) expenses is one of the most broadly applicable opportunities for significant tax savings. Understanding when expenses are fully or partially deductible is complicated, and when important exceptions come into play, significant tax savings can be overlooked.
Because of tax reform, the deductibility of many popular employer-provided benefits such as M&E expenses have undergone sweeping changes. A review of your M&E expense processes, paired with statistical sampling is an effective way to understand your tax position and recognize savings.
A review of your M&E expenses can help ensure you are making the most of your business expense deductions. Oftentimes, studies reclassify 20-30% of expenses to be fully deductible. RSM can assist your business with IRS-approved statistical sampling to make this process efficient, affordable and accurate.