One of the provisions of the Tax Cuts and Jobs Act (TCJA) disallows a deduction for any item with respect to an activity that is of a type generally considered to constitute entertainment, amusement, or recreation. However, the TCJA did not address the circumstances in which the provision of food and beverages might constitute entertainment. The new guidance clarifies that, as in the past, taxpayers generally may continue to deduct 50% of otherwise allowable business meal expenses
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William F. Murphy, CPA/PFS, ABV, CFF, CGMA
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The Tax Advisor
- BEAT regs. are finalized, new regs. are proposed
- Deadline for health care information statements extended
- Per-diem method clarified in light of TCJA changes
- Final regs. eliminate estate and gift tax clawback
- Use of standard mileage rate, other rules are updated for TCJA
- IRS commissioner seeks to enhance taxpayer contacts, target enforcement
- Automatic accounting method change procedures updated
- IRS posts 2020 inflation adjustments and tax tables
- Retirement plan contribution limits increase for 2020
- TIGTA outlines IRS challenges for 2020
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AICPA Tax News