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Food, Beverage, and Entertainment Expensing (ELEX)

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Live Webinar SELECT STARTING AT $99 (9 dates)

Credits: 2

Qualifies For: IRS CPE CTEC

Instructor(s): Mike Tucker, Ph.D., LL.M., J.D., CPA, Karen Davis, EA, MBA, Ph.D.

$99

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Credits: 2

Qualifies For: IRS CPE

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I really liked the two presenter, discussion format.
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Food, Beverage, and Entertainment Expensing (ELEX)

  • Customer Rating
    (18)
  • Field of Study
    Taxes
  • Level
    Basic
  • Credits
    2
  • Qualifies for

    IRS CPE CTEC

Overview

The IRS has issued final regulations regarding the Tax Cuts and Jobs Act’s (TCJA) elimination of the deduction for expenditures related to entertainment, amusement, or recreational activities and provided guidance to determine whether an activity is considered to be entertainment. The final regulations also address the 50% limitation on the deduction of food and beverage expenses and when the 50% limitation does not apply. Due to the pandemic, Congress changed the rules for 2021 and 2022 to allow for 100% deductibility for meals. These temporary rules no longer applied starting in 2023. To effectively advise clients, it is imperative for tax practitioners to understand these rules and be updated on the latest IRS guidance related to meals and entertainment.

Major Topics:

  • The 50% deduction for meals that are ordinary and necessary in carrying on a trade or business
  • Elimination of the temporary rules that applied for 2021 and 2022 which allowed for 100% deductibility for ordinary and necessary business-related meals
  • When meals are still 100% deductible
  • IRS rules relating to the nondeducibility of activities considered entertainment or amusement
  • What constitutes entertainment/amusement for tax purposes?
  • When employers may deduct food and beverages provided to employees
  • 50% deductibility for occasional employee meals and for overtime meals
  • 50% deductibility for business meals during business meetings
  • Business meals incurred during business travel
  • Invoice meals separately from entertainment

Learning Objectives

  • Understand the new rules relating to the deductibility of expenses associated with meals, entertainment, and food and beverages that employers provide to employees

Designed for:

Tax practitioners who anticipate advising clients with respect to employer meals and entertainment expenditures

Prerequisite:

A basic understanding of the tax rules relating to individual income tax

Advanced Preparation:

None

Interested in bringing this course into your firm?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.
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