FICPA Podcasts

Federal Tax Update: Meals and Entertainment Guidance

February 24, 2020

https://vimeo.com/393313976

https://www.currentfederaltaxdevelopments.com/podcasts/2020/2/23/2020-02-24-2020-02-24-meals-and-entertainment-guidance 

 

This week we look at:

  • 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)