IRS issues final regulations on the deduction for meals and entertainment
• The IRS issued final regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act.
• The 2017 TCJA generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. However, taxpayers may still deduct business expenses related to food and beverages if certain requirements are met.
• These final regulations address the disallowance of the deduction for expenditures related to entertainment, amusement or recreation activities, including the applicability of certain exceptions to this disallowance. They also provide guidance to determine whether an activity is considered entertainment. The final regulations also address the limitation on the deduction of food and beverage expenses.
IRS finalizes regulations for 100 percent bonus depreciation
• The Treasury Department and the IRS released the last set of final regulations implementing the 100% additional first year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business.
Redesigned IRS.gov page helps people closing a business; page features steps to navigate final tax actions
• The IRS has launched a redesigned page on IRS.gov to help business owners navigate the federal tax steps when closing a business.
• During this difficult and challenging time, the IRS streamlined the “Closing a Business” page into simple steps, so business owners and self-employed individuals can quickly find the information they need.