Socialize with Us
Hours of Operation

During Tax Season (January - April) 

Monday - Friday 9:00 AM - 7:00 PM

Saturday 10:00 AM - 5:00 PM

Sunday - By Appointment Only

Post-Tax Season (May - November) 

Monday - Thursday 9:00 AM - 5:00 PM

Friday and Saturday- By Appointment Only

Closed on Holidays

 

Post-Tax Season (December)

By Appointment Only

Tel: 770-742-9136

Fax: 770-731-8130


Email: info@distincttax.com


Address​​​​​​: 1115 Mt. Zion Road

               Suite 14

               Morrow, Georgia 30260

Contact Us
  • Facebook
  • Instagram
  • LinkedIn Social Icon
  • Twitter
  • Pinterest
  • Yelp Social Icon
Memberships

2018 Distinct Tax © | A Digital Reveries Media Design

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

October 29, 2018

 

The Internal Revenue Service issued guidance today on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA).

The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation.

 

Taxpayers may continue to deduct 50 percent of the cost of business meals if the taxpayer (or an employee of the taxpayer) is present and the food or beverages are not considered lavish or extravagant. The meals may be provided to a current or potential business customer, client, consultant or similar business contact.

 

Food and beverages that are provided during entertainment events will not be considered entertainment if purchased separately from the event. 

 

 

Prior to 2018, a business could deduct up to 50 percent of entertainment expenses directly related to the active conduct of a trade or business or, if incurred immediately before or after a bona fide business discussion, associated with the active conduct of a trade or business.

 

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

Tags:

Share on Facebook
Share on Twitter
Please reload

Featured Posts

Employer Credit for Paid Family and Medical Leave

November 20, 2019

1/1
Please reload

Recent Posts

October 23, 2019

September 6, 2019

Please reload

Search By Tags
Follow Us