The new tax law known as the 2017 Tax Cuts and Jobs Act, has eliminated the deduction for any expenses related to entertainment, amusement, or recreation. However, businesses can still deduct 50% of the cost of business meals as long as they are to a current or potential business customer, client, consultant, or business contract.
However, the new tax law may essentially terminate a business’ ability to deduct holiday parties and other celebrations for their employees and clients.
If you are having tax trouble and need assistance, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com