Meals Continue to be Deductible Under New IRS Guidance

The IRS issued guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction made by the tax law known as the Tax Cuts and Jobs Act. According to the IRS, the amendments specifically deny deductions for expenses for entertainment, amusement, or recreation, but do not address the deductibility of expenses for business meals.

To read the full article in the Journal of Accountancy, click: Meals Continue to be Deductible Under New IRS Guidance.