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Accounting

Tax Series: Protecting Travel & Entertainment Deductions

The more things change, the more they stay the same. Despite the thousands of revisions to the tax code that are made each year, the IRS continues to focus on travel and entertainment (T&E) deductions in audits of business taxpayers.

Ken Berry, JD

Aug. 21, 2014

The more things change, the more they stay the same. Despite the thousands of  revisions to the tax code that are made each year, the IRS continues to focus on travel and entertainment (T&E) deductions in audits of business taxpayers. And why not? This area of the tax law, which was ripe for abuse for so long, still results in inflated or unsubstantiated write-offs.

Fortunately, you can safeguard T&E deductions for clients, and avoid any drastic tax consequences, by having them stick to the letter of the law. In particular, it’s important to comply with the stringent record keeping requirements established by the IRS. With this in mind, we are presenting the first in a series of articles on T&E strategies.