2019 New Meals and Entertainment Deduction Requirements
Submitted by: Jennifer Dizon, CPA, Hood & Strong LLP Before the The Tax Cuts and Jobs Act (TCJA), the Internal Revenue Code (IRC) generally prohibited deductions for expenses related to entertainment, amusement or recreation (commonly referred to as entertainment expenses). It provided exceptions for entertainment expenses "directly related" to or "associated" with conducting business. The IRC further limited deductions for food and beverage expenses that satisfied one of the exceptions. [...]