IRS issues guidance on Tax Cuts and Jobs Act changes on business expense deductions for meals, entertainment

Written by promotiondept

November 12, 2018

issues guidance on Tax Cuts and Jobs Act changes on business expense ductions for meals, entertainment

IR-2018-195, Oct. 3, 2018

IR-2018-195, Oct. 3, 2018

WASHINGTON — Internal Revenue issu guidance today on business expense duction for meals and entertainment following law changes in Tax Cuts and Jobs Act (TCJA).

WASHINGTON — Internal Revenue issu guidance today on business expense duction for meals and entertainment following law changes in Tax Cuts and Jobs Act (TCJA).

2017 TCJA eliminat duction for any expenses relat to activities genelly consider entertainment, amusement or recreation.
Taxpayers may continue to duct 50 percent of cost of business meals if taxpayer (or an employee of taxpayer) is present and food or beveges are not consider lavish or extvagant. meals may be provid to a current or potential business , client, consultant or similar business contact.

2017 TCJA eliminat duction for any expenses relat to activities genelly consider entertainment, amusement or recreation.
Taxpayers may continue to duct 50 percent of cost of business meals if taxpayer (or an employee of taxpayer) is present and food or beveges are not consider lavish or extvagant. meals may be provid to a current or potential business , client, consultant or similar business contact.

Food and beveges that are provid during entertainment events will not be consider entertainment if purchas sepately from event.

Food and beveges that are provid during entertainment events will not be consider entertainment if purchas sepately from event.

Prior to 2018, a business could duct up to 50 percent of entertainment expenses directly relat to active conduct of a tde or business or, if incurr immiately before or after a bona fide business discussion, associat with active conduct of a tde or business.

Prior to 2018, a business could duct up to 50 percent of entertainment expenses directly relat to active conduct of a tde or business or, if incurr immiately before or after a bona fide business discussion, associat with active conduct of a tde or business.

Department of Treasury and expect to publish propos regulations clarifying when business meal expenses are ductible and what constitutes entertainment. Until propos regulations are effective, taxpayers can rely on guidance in Notice 2018-76.

Department of Treasury and expect to publish propos regulations clarifying when business meal expenses are ductible and what constitutes entertainment. Until propos regulations are effective, taxpayers can rely on guidance in Notice 2018-76.

on implementation of TCJA can be found on Tax Reform page of .gov.

on implementation of TCJA can be found on Tax Reform page of .gov.


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