After the new law repealed deductions for entertainment expenses, many business people figure their write-offs for treating customers or clients to meals are gone for good. But interim guidance handed down by the IRS provides some light at the end of the tunnel.
You may continue to deduct 50 percent of the cost of business meals if these conditions are met:
Here are three scenarios you may find yourself in and how the new business meals rules apply:
The IRS is expected to issue proposed regulations with more details soon. Until then, you can rely on the interim guidance. Call if you have questions about your business deductions.
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