IRS Makes Clear That Most Business Meals Still 50% Deductible

Although last year’s Tax Cuts and Jobs Act contain benefits for security companies, it did eliminate some business entertainment deductions. Generally the act eliminates the deduction for entertainment expenses such as large parties, sporting events, golf outings, and cruises. Just how that the act was written it also appeared to eliminate some business meals. Business owners were concerned that the disallowance would extend to many client or even potential client business meals. Thankfully, the IRS released Notice 2018-76, which provides transitional help with the deductibility of business-food expenditures in light of the act’s disallowance of deductions for entertainment expenditures.

The IRS notice clarified that actual business foods – in which the business is actually discussed – remain deductible. To be deductible the meal must be on another receipt. This means that a business food after a sporting event would be deductible if it is on another receipt.

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The real event, however, would not be deductible. If the sporting event includes drinks and food – for example, in an exclusive container – its cost is not deductible. Until suggested regulations are effective, the notice areas that taxpayers may rely on the assistance for the procedure under IRC § 274 of expenditures for several business meals.

As we approach the end of the year you should seek advice from with your tax professional regarding the deductibility of certain expenditures, including the GO THROUGH Income Deduction, the non-deductible of certain employee business expenses, and other limitations on employee meals. Apr when it is too past due Don’t wait around until March or. Mitch Reitman is Managing Principal of Reitman Consulting Group. He could be a member of the SSI Editorial Table and a known member of the SSI Industry Hall of Fame.

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