Current Federal Tax Developments for the week of February 24, 2020: Meals and Entertainment After TCJA

• Proposed regulations can be relied upon in the interim, as well as continued reliance on Notice 2018-76
  Separate invoicing rule for food/beverage first released in Notice 2018-76 is also in the proposed regulations

• Definition of entertainment stays similar to older definition, but does not include business meals

• Adopts Notice 2018-76 rules for business meals

• Detailed guidance on meals related exceptions to 50% disallowance found at §274(e)

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2020-02-24 Current Federal Tax Developments