Recent tax law changes may compel taxpayers to make immediate changes to expense tracking procedures to ensure they are capturing information necessary to accurately determine their tax deductions. The Tax Cuts and Jobs Act (TCJA) made several significant changes to deductions for meals, entertainment, and employee fringe benefits. In general, the changes disallow deductions for entertainment, reduce the benefit to 50 percent for most meal expense deductions, and limit the deductibility of employee fringe benefits. These changes are effective for amounts incurred or paid after Dec. 31, 2017.
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