Will Business Meals Become Tax Deductible Again?
Maybe. Nothing is certain yet, but it appears President Trump might be looking into restoring corporate tax deductions for business meals.
Under the 2017 Tax Act, deductions for many business entertainment expenses, including most, if not all, meals, were eliminated.
However, under the current coronavirus pandemic, it might work to the further detriment of restaurants to prevent these business meals from being tax deductible according to this article.
It might be helpful to both restaurants and small businesses to make these meals tax deductible once again. Businesses may feel more incentivized to have more business lunches at restaurants. We will be keeping an eye on this issue over the coming weeks.
If you have questions about this, or any other tax law matter, please reach out to the team at Mendes Weed, LLP, at (925) 390-3222. We can also assist you with estate planning, probate, business formation, divorce, child custody, domestic violence, and litigation. We are here to help you during this tough time, and our office is set up to meet with clients remotely as needed.
