The Internal Revenue Service issued guidelines Wednesday scaling back a tax break for client entertainment, following through on an element of President
Trump’s tax law eliminated the deduction for so-called entertainment expenses -- golf outings, cruises and concert tickets, although it left in place a 50% break for business meals. The rules out on Wednesday finalize implementation of the 2017 legislation, specifying how accountants should define client meals.
The 2017 tax law “generally eliminated the deduction for any expenses related to activities ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.