Surgent's Food, Beverage, and Entertainment Expensing (ELEX)
2025-01-15 15:00 - 17:00 UTC | Webinar
Surgent's Food, Beverage, and Entertainment Expensing (ELEX)

01/15/25 09:00 AM CST
- 01/15/25 11:00 AM CSTDescription:
The IRS has issued final regulations regarding the Tax Cuts and Jobs Actâ€™s (TCJA) 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 address 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. These temporary rules no longer applied starting in 2023.To effectively advise clients, it is imperative for tax practitioners to understand these rules and be updated on the latest IRS guidance related to meals and entertainment.Objectives:Understand the new rules relating to the deductibility of expenses associated with meals, entertainment, and food and beverages that employers provide to employeesPresenters:Mike Tucker, Ph.D., LL.M., J.D., CPAKaren Davis, EA, MBA, Ph.D.Field of Study:Taxes (2)Major Topics:The 50% deduction for meals that are ordinary and necessary in carrying on a trade or businessElimination of the temporary rules that applied for 2021 and 2022 which allowed for 100% deductibility for ordinary and necessary business-related mealsWhen meals are still 100% deductibleIRS rules relating to the nondeducibility of activities considered entertainment or amusementWhat constitutes entertainment/amusement for tax purposes?When employers may deduct food and beverages provided to employees50% deductibility for occasional employee meals and for overtime meals50% deductibility for business meals during business meetingsBusiness meals incurred during business travelInvoice meals separately from entertainmentLocation:
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