With so many pandemic-driven changes to tax rules over the past 18 months, it’s easy to have overlooked some revisions. For example, recent changes to the deduction for business-related meal and entertainment (M&E) expenses may have slipped below the radar.
Earlier this year, the IRS issued Notice 2021-25 to provide updated guidance on M&E deductions. While you should always consult with your tax advisor for specific advice, it can be helpful to have a general understanding of what the current limits are and how they came about. (more…)