If you travel for business, you will want to ensure that the expenses you incur while doing so are tax deductible. IRS rules are strict, and improperly substantiated deductions can cost you.
The Bipartisan Budget Act of 2015 signed into law on November 2, 2015 has gathered a lot of attention lately for its purpose to help the U.S. government avert financial obligations by raising the discretionary spending limit. However, there are several other important pieces of this legislation of which to take note. Under this act, one of the government’s goals is to simplify the rules for auditing partnerships and ease the administrative burden of performing the audits along with collecting any additional tax that may result.