Are Business Meals Still Tax Deductible?

Are Business Meals Still Tax Deductible? Earlier this year, we discussed how entertainment expenses will no longer be deductible starting in 2018 because of this of tax reform. This includes sports tickets, theater tickets, hunting trips, and certain other outings where financial institutions connect with their customers. Due to the noticeable change to entertainment expenditures, there has been a great deal of argument in the tax community regarding whether business meals are effectively a kind of entertainment and therefore also no longer deductible under the new law.

The CLA National Tax Office lately published an in-depth article with this issue. We believe that most meals not directly associated with entertainment will still be tax deductible, but additional guidance continues to be needed from the IRS using areas. The table below highlights a few of the complexity we are seeing related to business meals.

If a loan officer and a person to attend a football game, discuss exceptional loans and eat supper at the ball park, whether the price of the hot dogs and sodas will be 50% deductible or disallowed as entertainment isn’t clear. The AICPA has asked the IRS to provide additional assistance and has suggested that the IRS allow meals that are billed separately from entertainment to remain deductible but assistance has yet to be issued. We recommend that financial institutions setup several different general ledger accounts to ensure that their foods and entertainment-related expenses are adequately monitored for taxes purposes.

  • Video compression
  • Does the activity make a profit in a few years
  • 48HourPrint (folded with offset), around $70 for 500 cards
  • Labor charges for workers who make your products

Documentation should also be maintained regarding the business reason for each meal, who went to from the business, and that customers were in attendance to ensure there is adequate support set up in case there is a future IRS audit. Navigating the recognizable changes resulting from tax reform is complex. CLA is here now to help. Tags: tax, tax reform, Comments Off on Are Business Meals Still Tax Deductible? Amanda Garnett is a principal in the financial institutions practice of CliftonLarsonAllen (CLA) from Peoria, Illinois. 3.5 billion in total assets. Furthermore to tax conformity, Amanda helps clients in the certain specific areas of tax talking to, mergers and acquisitions, and regulatory reporting. She consistently instructs classes for banking associations in the united states as well.

And then outside pushes, such as Iran, began trying to manipulate things. We were in over our minds, in times that had not been so black-and-white or simple. We assumed that people in Iraq would act in their own needs and embrace a fresh government free from the tyranny and secret police of the old government (a government that we also installed).

But we were wrong. Too many people are often persuaded, particularly these days, to give up their own lives for a “cause” while neglecting what is in their own best interests. And no, it isn’t because many of these folks have “nothing left to reduce” – many suicide bombers and ISIS fighters result from fairly wealthy (by world standards) backgrounds, and have many opportunities open to them. The Boston Marathon bombers were barely starving but instead experienced a well-off middle-class existence in the wealthiest country in the world fairly.

They were convinced usually – by online websites. Which brings us full circle back to the initial point – it profits you never to become obsessed about politics. It certainly makes you a poisonous person to be around, it turns away friends and business contacts who may have been helpful to you later on. It turns away potential spouses – because no one likes creepy.