IRS T.D.: Entertainment, Meals Expense Deduction After Tax Reform Federal Register Publication Date Set (IRC §274)

IRS sets October 9, 2020 Federal Register publication date for final regulations on the elimination of the deduction under tax code Section 274 for expenditures related to entertainment, amusement, or recreation activities, and guidance to determine whether an activity is of a type generally considered to be entertainment. With regard to entertainment expenditures, the final regulations primarily distinguish between meals and entertainment, as that distinction is now relevant, for purposes of determining whether the deduction of a particular expense is disallowed entirely or is limited to 50 percent, the IRS noted. The rules also address the limitation on the ...