IRS issues final regulations on the deduction for meals and entertainment

IR-2020-225, September 30, 2020

WASHINGTON — The Internal Revenue Service issued final regulations PDF on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA).

The 2017 TCJA generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. However, taxpayers may still deduct business expenses related to food and beverages if certain requirements are met.

These final regulations address the disallowance of the deduction for expenditures related to entertainment, amusement or recreation activities, including the applicability of certain exceptions to this disallowance. They also provide guidance to determine whether an activity is considered entertainment. The final regulations also address the limitation on the deduction of food and beverage expenses.

Updates on the implementation of the TCJA can be found on the Tax Reform page of IRS.gov.

IR Press

Share
Published by
IR Press

Recent Posts

Remarks by Secretary of the Treasury Janet L. Yellen at East Valley American Job Center in Mesa, Arizona

As Prepared for DeliveryI. IntroductionThank you to everyone for being here. It’s good to be…

2 days ago

Agencies Issue Guide to Assist Community Banks to Develop and Implement Third-Party Risk Management Practices

Federal bank regulatory agencies today released a guide to support community banks in managing risks…

2 days ago

MEDIA ADVISORY: Under Secretary for Terrorism and Financial Intelligence Brian Nelson to Travel to Singapore and Malaysia

WASHINGTON – From May 6th to May 9th, Under Secretary of the Treasury for Terrorism…

3 days ago

Remarks by Secretary of the Treasury Janet L. Yellen on the Economic Case for Democracy

As Prepared for DeliveryI. IntroductionGood afternoon. Thank you to the McCain Institute for the invitation…

3 days ago

Treasury Targets Sanctions Evaders Supporting Key Hizballah Financial Advisor

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC)…

4 days ago