On Wednesday of last week, the IRS issued long awaited guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under the Tax Cuts and Jobs Act.
The 2017 Tax Cuts and Jobs Act made significant changes with respect to the deductibility of business meal and entertainment expenses. One of the biggest changes is the deductibility of entertainment expenses.
The Internal Revenue Bulletin 2018-10 was released March 5, and the Internal Revenue Service (IRS) described changes to the limit on health savings accounts (HSAs) as prescribed by the Tax Cuts and Jobs Act of 2017.
Our team has prepared a summary of key provisions from the Tax Cuts and Jobs Act (“Act”) which became law December 22, 2017.
Please click HERE to view those provisions.