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New Tax Law: Business Entertainment Expenses No Longer Deductible in 2018
1reports1reporting sources2022-06-29Update
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This policy change directly impacts corporate entertainment costs, requiring reassessment of budgets and tax strategies.
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6月29日
- SAP Concur BlogNew Tax Law: Business Entertainment Expenses No Longer Deductible in 2018
Under the Tax Cuts and Jobs Act, starting in 2018, business entertainment expenses are no longer deductible, whereas previously 50% were deductible. However, meals provided by an in-house cafeteria or on the employer's premises remain 50% deductible. Businesses that heavily use the entertainment deduction must assess the impact on their bottom line. SAP Concur suggests automating expense reporting and tracking to manage the transition.