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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Many deductions businesses have become accustomed to over the years are absent from the tax code or more limited in scope, including meaningful changes to deductions for interest and net operating losses (NOLs), and the elimination of the entertainment deduction.
However, the new tax law eliminates the entertainment deduction.
The decision to eliminate the entertainment deduction, Christensen said, came in the context of a major corporate tax cut pumping more cash into companies.
Employer entertainment deduction. Many not-for-profit organizations utilize social clubs or other recreational facilities or events for the purpose of donor development.
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.
The removal of the entertainment deduction could mean companies have less money overall to entertain, impacting restaurants.
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.

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