Lawyers Can Foster Compliance With Audit-Proof Expensing

Law360 (September 10, 2019, 5:35 PM EDT) -- Lawyers across firms and organizations play a critical role in fostering a culture of compliance. Business meal and entertainment costs are one area where developing a strong compliance culture can help minimize the risk of an audit, assessment or penalties.

In order to manage these risks, in-house counsel and firms must get up to speed and be prepared to explain the updated rules to relevant stakeholders. More importantly, these are the kinds of rules that set the tone for the company. A lackadaisical approach to compliance risks not only IRS scrutiny, but sends a message to employees that complying with the...

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