Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals.
The chart below shows you how the Tax Cuts and Jobs Act treats 12 meal and/or entertainment events.
* Technically, the TCJA made meals with clients and prospects not deductible. We understand that the tax writers will modify the law to make "so called non-entertainment meals" with clients and prospects deductible. We don’t know when we will see this change, but track your meals with clients and prospects as if the tax writers will truly make them deductible.
I think you will find this chart helpful. If you have questions, please don’t hesitate to contact me.
Sickler Torchia Allen & Churchill CPA’s PC