entertainment deduction


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Noun1.entertainment deduction - deduction allowed for some (limited) kinds of entertainment for business purposes
business deduction - tax write-off for expenses of doing business
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References in periodicals archive ?
The removal of the entertainment deduction could mean companies have less money overall to entertain, impacting restaurants.
You see, if you can no longer deduct business entertainment, you can no longer cheat by inflating your business entertainment deduction.
9625) to clarify a portion of the 50% meals and entertainment deduction under Sec.
Small firms use the meals and entertainment deduction as their primary marketing tool.
For purposes of applying the high-low method to the IRC [section] 274(n) meals and entertainment deduction limitation, $58 of the high-cost rate or $45 of the low-cost rate is treated as paid for meals.
This decision affects more than just deductions for aircraft used for vacation flights because it affirms that the entertainment deduction rules in IRC section 274(a) and 274(e)(2) do not limit a company's deduction for providing an entertainment or recreational fringe benefit to the amount properly charged to employees as compensation income.
Finally, a bill was introduced to gradually increase the business meals and entertainment deduction to 80% for small businesses.
However, the more common scenario is that a taxpayer determines on its original return an amount for the meal and entertainment deduction based on an item-by-item determination (periodically through the year and totaled at year-end), and the Service then samples that total statistically.

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