Has the Tax Cuts and Jobs Act Taken the Fun Out of Your Company's Meals and Entertainment?
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This content helps corporate finance and travel managers understand the complex rules for meal and entertainment expense deductions under the TCJA, to optimize tax compliance and expense management.
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- SAP Concur BlogHas the Tax Cuts and Jobs Act Taken the Fun Out of Your Company's Meals and Entertainment?
A SAP Concur blog post discusses the impact of the Tax Cuts and Jobs Act (TCJA) on business meal and entertainment expense deductions. It notes that meals and entertainment is one of the top 10 expense categories, contributing up to 22% of a company's total travel budget. Entertainment expenses are deductible only if they pass the Directly Related or Associated test, and expenses at certain venues (such as nightclubs, theaters, sporting events) are not deductible. The post also mentions that up to $2,000 per year of cruise ship convention expenses can be deducted, subject to five detailed requirements.