On October 3, The Internal Revenue Service issued guidance on the business deduction for meals and entertainment following changes in the Tax Cuts and Jobs Act (TCJA).
While the act allows a deduction for expenses incurred during the tax year in carrying on trade or business, in 2017, the deduction of expenses related to entertainment, amusement or recreation was eliminated. However, the act does little to explain the tax treatment of business meals and there has been virtually no guidance from the IRS since the enactment of the TJCA until now.
↧