Courses

Surgent's Food, Beverage, and Entertainment Expensing - On-Demand Webcast

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Member Price: $89.00 Non-Member Price: $119.00

Developer:: SURGENT MCCOY SELF-STUDY CPE, LLC
CPE Credits:: Taxes: 2.00
Fields of Study:: Taxes
Level:: Basic

The IRS has recently issued final regulations regarding the TCJA's elimination of the deduction for expenditures related to entertainment, amusement, or recreational activities and provided guidance to determine whether an activity is considered to be entertainment. The final regulations also addressed the 50% limitation on the deduction of food and beverage expenses and when the 50% limitation does not apply. Due to the pandemic, Congress changed the rules for 2021 and 2022 to allow for 100% deductibility for meals. To effectively advise clients, it is imperative for tax practitioners to understand these rules and be updated on the latest guidance.

Objective

Understand the new rules relating to the deductibility of expenses associated with meals, entertainment, and food and beverages that employers provide to employees

Highlights

Special rules for 2021 and 2022 allow 100% deductibility for meals
IRS rules relating to the nondeductibility of activities considered entertainment or amusement
What constitutes entertainment for tax purposes?
When are meals deductible and at what rate once the special rules applicable to 2021 and 2022 no longer apply
When employers may deduct food and beverages provided to employees
Special rules for per diem meal payments for 2021 and 2022

Designed For

Tax practitioners who anticipate advising clients with respect to employer meals and entertainment expenditures

Prerequisite

A basic understanding of the tax rules relating to individual income tax

Advanced Preparation

None