TAG Tax

Contact: Gary Sigman, CPA, M.Tax, PFS, AEP

The recent enactment of the Tax Cuts and Jobs Act (TCJA) brought many changes to how individuals and businesses are affected by our tax system.

Among the deductions affected was the deduction for meals and entertainment incurred in the course of operating a business. Prior to the enactment of the TCJA, which took effect for many provisions on January 1, the allowable deduction for meals and entertainment expenses was capped at 50% of the allowable amount of such costs that were incurred. Under the old law, no deduction was allowable unless the cost was either directly related to or associated with the conduct of business.

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