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Tax News: IRS Meals & Entertainment Deduction Final Rule


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10/9/2020
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The Internal Revenue Service("IRS") issued final regulations(link is external) on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA).

The 2017 TCJA generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. However, taxpayers may still deduct business expenses related to food and beverages if certain requirements are met.

These final regulations address the disallowance of the deduction for expenditures related to entertainment, amusement or recreation activities, including the applicability of certain exceptions to this disallowance. They also provide guidance to determine whether an activity is considered entertainment. The final regulations also address the limitation on the deduction of food and beverage expenses.

For any questions or concerns, please contact the Tax Attorneys at Fazzio Law, we are in your corner!



Category: Tax


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