Are meals and entertainment expenses tax deductible?
Resources & Tax News
In 2017, the IRS generally eliminated deductions for expenses considered to be entertainment and recreation. Business meals are still 50% deductible if the meal: (1) takes place between a business owner or employee and a current or prospective client; (2) is not lavish or extravagant under the circumstances; and (3) the taxpayer has a reasonable expectation of deriving income or other specific trade or business benefit from the encounter.
Click the link below to read important news from the IRS about scams, tax law updates and more.