4.03.20

Could bigger meal and entertainment deductions be coming back?

Could bigger meal and entertainment deductions be coming back?

Could bigger meal and entertainment deductions be coming back? As a way to help restaurants and entertainment venues recover from the effects of the coronavirus (COVID-19) pandemic, President Trump is asking Congress to restore certain tax deductions to what they were in previous years.

The Tax Cuts and Jobs Act of 2017 eliminated deductions for entertainment expenses. But in general, a deduction for 50% of eligible business meals remains in place. In a Twitter post and a later press conference, the president said restoring larger deductions would help businesses that have closed or suffered a slowdown due to COVID-19, when they reopen.