Tax & Accounting News

Business Meals Are Still Deductible

10/2/2018

In a very business-friendly transitional guidance (Notice 2018-76) on the deductibility business meals, the IRS has announced that taxpayers generally may continue to deduct 50 percent of the food and beverage expenses associated with operating their trade or business.

Under this notice, taxpayers may deduct 50 percent of an otherwise allowable business meal expense if:

The expense is an ordinary and necessary expense underpaid or incurred during the taxable year in carrying on any trade or business;

The expense is not lavish or extravagant under the circumstances;

The taxpayer, or an employee of the taxpayer, is present at the furnishing of the food or beverages;

The food and beverages are provided to a current or potential business customer, client, consultant, or similar business contact; and

In the case of food and beverages provided during or at an entertainment activity, the food and beverages are purchased separately from the entertainment, or the cost of the food and beverages is stated separately from the cost of the entertainment on one or more bills, invoices, or receipts.

Example – Taxpayer invites a business contact, to a baseball game. The tickets to the game are entertainment and not deductible. However, the taxpayer also purchased hot dogs and a beverage for himself and the business contact. Because food and drinks are purchased separately, they are not disallowed as entertainment and are deductible if they otherwise qualify as an ordinary and necessary business expense. Had the ticket price included the hot dogs and beverages they would be treated as no non-deductible entertainment. If the ticket price separately stated the ticket price and the food and beverage price, then the food and beverage portion would not be disallowed as entertainment

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Lee Reams, BSME, EA

Editor-in-Chief

Besides his role at CountingWorks as an educator and speaker to thousands of accountants nationwide, Lee manages a technical research service for a large group of tax accountants which sharpens his technical skills. Lee served on the Board of Blackline Systems, is a former Board of Director for the California Tax Education Council, is a Past President of the San Fernando Valley Chapter of Enrolled Agents, Member and Past Director for the California Society of Enrolled Agents.

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