BUSINESS MEALS AND ENTERTAINMENT INSIGHTS

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On October 3, 2018, the IRS issued guidance (Notice 2018-76) updating the status of the business meals and entertainment deduction. The notice states, “Allowable meal expenses remain deductible, subject to the 50 percent limitation in Section 274(n)(1).” Thus, the business meals deduction remains intact post-Tax Cuts and Jobs Act of 2017 (’TCJA’) as long as the following requirements, as outlined in Notice 2018-76, are met.

Our Business Meals and Entertainment insights handout will provide a listing of the requirements, as outlined in Notice 2018-76, as well as a table providing examples of the differences in how meals should be handled for 2018 and future years versus the prior years.

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