TCJA’s Impact on Meals & Entertainment – Expense Summary Chart

The Tax Cuts and Jobs Act made significant changes to the deductibility of meals and entertainment expenses effective 1/1/2018.  The most significant change is the fact that entertainment expenses are no longer deductible.  As a result, new accounting procedures should be implemented which keep track of the different meal categories as well as entertainment costs. The chart below contains the relevant provisions which companies need to consider when updating their accounting policies.

If you would like to discuss how these changes affect your particular situation, and any planning moves you should consider in light of them, please contact your KatzAbosch representative; or contact us by clicking here.

 

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