Great News for Restaurants as IRS Reaffirms Deductions for Entertaining

“The Internal Revenue Service is giving businesses a tax break they thought they had lost in the tax overhaul last year — write-offs for wining and dining clients.

The agency said Wednesday companies can still deduct 50 percent of meals while entertaining clients and customers, clearing up confusion about whether tax law changes last year had completely eliminated that benefit.”

“Kathy Petronchak, the director of IRS practice and procedure at Alliant Group and the chair of the meals and entertainment task force at the CPA group, said that the guidance and examples “align with what we had hoped to see with the clear distinction between entertainment and allowable business expenses for meals.”

Read more here.

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