October 2018
Restoration of the Tax Deduction for Business Meals
Submitted by Desmond Wealth Management, Inc. on October 14th, 2018The Tax Cuts and Jobs Act of 2017 removed entertainment from available business tax deductions, but did not address deductibility of expenses for business meals. To clarify the confusion that arose in the business community due to this omission, the IRS recently released interim guidance that taxpayers can rely on until they issue proposed regulations.