Did you ever wonder what expenses small businesses can deduct for meals and entertainment? It looks like the answer is going to change following changes made by the Tax Cuts and Jobs Act (TCJA).
In 2017 the TCJA eliminated the deduction for expenses related to activities considered entertainment, amusement or recreation. It also limited the deduction for expenses related to food and beverages provided by employers to their employees. But what constitute entertainment? And what's the limitation on the deduction of food and beverage expenses?