Lawmakers destroyed a big chunk of usual and normal business entertainment on January 1, 2018.
The good news is that some not-so-usual and not-so-normal entertainment survived the bloodletting. See Tax Reform: Entertainment Deductions That Survived for some of the survivors.
The bad news is that lawmakers massacred entertainment that was already handicapped by the 50 percent cut.
For example, during 2017, you could take a prospect or client to a business dinner followed by the theater or a ballgame and deduct 50 percent of all the monies spent, providing you passed some tax law tests on business discussion and associated entertainment.
Now, in what you thought was a business-friendly tax reform package, you find that lawmakers exterminated a big chunk of business entertainment as a business expense. ... Log in to view full article.