As you prepare for year-end, one key item to pay attention to is the change in the deductibility of entertainment and meals benefits. The 2017 tax reform law eliminated the deduction for entertainment, amusement or recreation expenses, membership dues for clubs and related facility expenses.
Below are key areas in relation to meals and entertainment expenses:
Stay in the know on key deductible items with the Meals & Entertainment Guide.
Keep deductible expenses in mind at year-end
A review of your expenses is key at year-end planning time. This will ensure you are properly capturing and classifying expenses. You may also want to review your reimbursement policies to ensure they align with the new rules.
While tax reform may not be new, its impact is still being felt. This year-end, make sure you’re taking these rules into account to ensure you’ll kick off 2020 on the right foot.