The IRS has released proposed regulations that address the elimination of the deduction related to entertainment, amusement or recreation activities. The Tax Cuts and Jobs Act (TCJA) revised the rules for deducting expenditures for meals and entertainment, effective for amounts paid or incurred after Dec. 31, 2017. The TCJA also repealed the directly related and business discussion exceptions to the prohibition on deducting entertainment expenditures. The proposed regs provide guidance on how to apply the TCJA changes and determine whether an activity is considered to be entertainment. They also address the limitation on the deduction of food and beverage expenses. Call or visit our website for more information! www.mjscpa.com/
