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Please read the article IRS releases final rules on business meals and entertainment from the...

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Accounting

Please read the article IRS releases final rules on business meals and entertainment from the October 2020 issue of Journal of Accountancy and Dropping the Curtain on Entertainment Deduction from the March 2021 issue. Please briefly describe how meals and entertainment are treated for tax purposes in the 2020 tax year (hint: see Exhibit 16-2 in your textbook). To provide some context, prior to the TCJA which became effective in 2018, business meals and entertainment expenses were subject to 50% deductibility. Next, discuss one of the clarifications recently issued by the IRS that is described in the article. How do you believe these clarifications may impact business expenditure policies?

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