IRS Updates Guidance on Business Expense Deductions for Meals & Entertainment

The proposed regulations affect taxpayers who pay or incur expenses for meals or entertainment.

Business Owners, Individuals, IRS News, Tax ReformThe Doty GroupFebruary 25, 2020Tax Cuts and Jobs Act, TCJA, Business Expenses, Meals Expenses, Meals and Entertainment Expense, IRS, Proposed RegulationsComment

TCJA Impact Update: Is It Time For A Chart of Accounts Adjustment?

How to account for the changes to meals and entertainment expenses brought about by the Tax Cuts and Jobs Act

Business Owners, Individuals, Tax ReformThe Doty GroupJanuary 20, 2020Tax Cuts and Jobs Act, Chart of Accounts, Business Expenses, Meals and Entertainment Expense, Entertainment Expenses, Meals Expenses, Tax ReformComment

Meals and Entertainment Expense Update

The Tax Cuts and Jobs Act (TCJA) made some changes to the deductibility of meals & entertainment expenses for the year beginning January 1, 2018. These changes caused some ambiguity over whether certain meals were 50% deductible or nondeductible.