The Tax Cuts & Jobs Act has brought the most substantial overhaul of the U.S. tax code in decades, limiting the deductibility of meals and most entertainment expenses.
Did you know, meal and entertainment spend is in the top ten expense categories for companies globally, contributing up to a staggering 22% of the total travel budget?
From catered lunches to meals for company meetings to fees for hosting clients at sporting events – this major tax legislation impacts a multitude of business activities. Moreover, all companies, regardless of size, structure or industry, must comply – with implications for both business owners and employees.
Luckily, you can leverage your travel and entertainment expense data to ease compliance and improve the accuracy of your tax filings.
Taxback International’s integrated solution with SAP Concur enables companies to simplify the process and improve compliance in line with the new legislation, through our bespoke consultancy and audit services.
Once Taxback International pull all M&E expense data from SAP Concur, we then isolate the US expenses for meals and entertainment, their invoices, the information around attendees and the purpose of the meal.
Once the eligible transactions are identified, Taxback International create a report, which the client must then include in their tax return.
This report enables our clients to reduce their corporate tax bill by recovering 21% of half the business meals expense incurred by their US employees globally.
Can you afford to lose one of the biggest opportunities to make significant tax savings in the United States?
If you answered no to the above, we can help!
Join us for a 45-minute webinar, where we will:
- Demystify the new rules that have got most companies stumped.
- Share best practices for ensuring your employees and your company are compliant.
- Define quality data and why it’s key to your compliance strategy.
- And much more!
Learn how you can take control of US tax reform now!
To get more information regarding our new Meals & Entertainment Tax solution, talk to our experts right now!
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