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The TCJA: a. Completely eliminates all deductions for business related food and beverage and meal expenses,...

The TCJA: a. Completely eliminates all deductions for business related food and beverage and meal expenses, b. Completely eliminates all deductions for business related entertainment expenses, c. Still allows 50% deductions for meals while away from home on business, d. Still allows 50% deductions for entertainment facility costs, as long as the entertainment is business related.

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Answer #1

Options (b) and (c) are correct.

As per the new law, for amounts incurred or paid after Dec 31, 2017, entertainment expenses related to business are no longer deductible. Meal expenses while traveling on business are 50% deductible, but the 50% disallowance rule will apply to meals provided via an on-premise cafeteria or otherwise on the employer’s premises for the convenience of the employer.

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