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News & Insights

When is entertainment an expense and are client meals deductible after the Tax Cuts and Jobs Act?

The tax rules related to meals and entertainment have changed, and left some uncertainty in the gap between the old law and the new.  Before the Tax Cuts and Jobs Act, the deduction allowed for entertainment expenses was limited to 50 percent of the amount otherwise deductible. Under the TCJA, the deduction for entertainment is completely repealed. Prior to the act, a 50 percent deduction was allowed for expenses related to business meals that were not lavish or extravagant. The confusion results from the issue of whether such business meals fall under the entertainment umbrella, or are still deductible. ..

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Inflation Adjustments Under Recently Enacted Tax Law

The Internal Revenue Service has updated the tax year 2018 annual inflation adjustments to reflect changes from the Tax Cuts and Jobs Act (TCJA). The tax year 2018 adjustments are generally used on tax returns filed in 2019.  ..

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