Barry G. Fowler, EA, leading expert in tax resolution issues and CEO of Taxation Solutions helps taxpayers determine what is considered entertainment expenses versus ordinary and necessary business expenses according to the IRS.
Houston, TX – October 11, 2018 – Barry G. Fowler, CEO of Taxation Solutions, posted a new blog on the company website entitled “Hot Dogs, Yes. Baseball Game, No,” in which Mr. Fowler talks about IRS allowed business-related expenses.
Fowler writes, “The IRS has finally clarified the treatment of certain business-related expenses that caused confusion as part of last years’ Tax Cuts and Jobs Act (TCJA).” He continues, “Confusion surrounded travel, business meals and entertainment. Prior to the TCJA, you could write-off 50% of entertainment, amusement or recreation expenses that were directly related to your business.” “However,” says Fowler, “under the new regulations there are no allowable entertainment, amusement or recreational deductions.”
As Fowler points out, “if your clients or prospects need to eat or drink something during an entertaining or recreational event, you can feed them and deduct the allowable 50% as long as the food expense is kept separate from the ticketed event.” “So,” he continues, “you can lavish your client with hot dogs and beers (or sodas) but not the ballgame. You can indulge yourself, your client and prospects to lobster and deduct 50% of that expense, but not the theater tickets!”
The entire blog can be read at http://www.taxationsolutions.net/hot-dogs-yes-baseball-game-no/
About Barry G. Fowler, EA
Barry G. Fowler founded Taxation Solutions out of a genuine concern for the IRS issues his clients face, many of whom are self-employed, contract employees, or entrepreneurs. For his contributions to his profession and expertise in tax resolution and financial planning, Fowler has been featured as one of America’s Trendsetters on CBS and Yahoo, and as a Premier Expert in Inc. Magazine. He has been instrumental in helping hundreds of people resolve complex tax issues with the IRS.
Fowler is licensed to represent taxpayers before the Internal Revenue Service, and is a longstanding member of several tax industry professional organizations: NAEA, NATP, TSEA, ASTPS.