2020-02-24 Current Federal Tax Developments
Current Federal Tax Developments for the week of February 24, 2020: Meals and Entertainment After TCJA Proposed regulations can be relied upon in the interim, as well as continued reliance on Notice 2018-76 Separate invoicing rule for food/beverage first released in Notice 2018-76 is also in the proposed regulations Definition of entertainment stays similar to older definition, but does not include business meals Adopts Notice 2018-76 rules for business meals Detailed guidance on meals related exceptions to 50% disallowance found at §274(e) Copyright 2020, Kaplan, Inc.
