Hip, hip, hooray for the IRS!

In Notice 2018-76, the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act.1

This is very good news indeed.

And as we reported in Tax Reform Update on Strategy for Business Meals with Clients and Prospects, you should have kept track of your business meals all year, so you now have the proof you need for the deductions.

Overview

Under this new IRS guidance, you may deduct 50 percent of your client and prospect business meals if2

the expense is an ordinary and necessary expense under Internal Revenue Code (IRC) Section 162(a) that is paid or incurred during the taxable year in carrying on any trade or business;

the expense is not ... Log in to view full article.