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IRS Issues Guidance on Tax Cuts and Jobs Act changes to business expense deductions for meals, entertainment

October 10, 2018

The IRS has issued clarification on the business expense deduction for meals and entertainment following changes to the Tax Cuts and Jobs Act ( TCJA).   

 

TCJA eliminates the deduction for any expenses related to activities generally considered entertainment, sporting events pop into to mind.  However, meals  can be deducted at a rate of 50% of the cost as long as an employee of the taxpayer is present and the food and/or beverage isn't considered lavish or extravagant. These meals can be provided to current or prospective clients. 

 

Have questions, give us a call at 281-712-4989.

 

 

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