Surgent's Food, Beverage, and Entertainment Expensing
Available Anytime
Location:
Online
2Credits
Technical Business
Registration is Open
FICPA Members
Nonmembers
$119.00 Regular Price
Product Code: SU24-ELEX-SSWC
Level: Basic
Vendor: Surgent
Field of Study: Taxes
Overview:
The IRS has recently issued final regulations regarding the TCJA's 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 addressed 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. To effectively advise clients, it is imperative for tax practitioners to understand these rules and be updated on the latest guidance.Objectives:
- Understand the new rules relating to the deductibility of expenses associated with meals, entertainment, and food and beverages that employers provide to employees
Major Topics:
- Special rules for 2021 and 2022 allow 100% deductibility for meals
- IRS rules relating to the nondeductibility of activities considered entertainment or amusement
- What constitutes entertainment for tax purposes?
- When are meals deductible and at what rate once the special rules applicable to 2021 and 2022 no longer apply
- When employers may deduct food and beverages provided to employees
- Special rules for per diem meal payments for 2021 and 2022
Designed For:
Tax practitioners who anticipate advising clients with respect to employer meals and entertainment expendituresPrerequisite:
A basic understanding of the tax rules relating to individual income taxAdditional Info:
You will receive an email from info@surgent.com with instructions on how to log onto your course shortly. If you do not receive the email within the hour, please check your spam filter.
For technical support, registration questions or other customer service-related inquiries, please call (800) 778-7436 or email info@surgent.com. Phones are staffed from 8:30 a.m. to 5:00 p.m. Eastern Time, Monday through Thursday, and 8:30 a.m. to 4:00 p.m. Eastern Time on Friday.