Simply Tax® Episode 24 – No Such Thing as a Deductible Lunch?

Thoughtware Podcast Published: Apr 25, 2018
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Part of the TCJA Series

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Guidance is needed to clarify the rules regarding the deductibility of certain meals, entertainment, qualified transportation and other expenses after the Tax Cuts and Jobs Act (TCJA). The American Institute of CPAs (AICPA) issued a letter to the United States Treasury and the IRS on April 2, 2018, requesting immediate guidance in this area. Guest Kristin Esposito joins host Damien Martin to take a closer look. Here’s some of the questions they cover:

  • Why did the AICPA form a task force to request guidance under Section 274? @ 3:24
  • How were the areas from the recent request for guidance identified? @ 5:50
  • What changed under TCJA? @ 8:23
  • Are there still areas where entertainment can be deductible? @ 13:22
  • How should you approach the open areas while we await guidance? @ 15:53
  • What changed with the rules for employer-provided business meals? 16:48
  • Can meals and entertainment be advertising? @ 20:09
  • How did the deduction for qualified transportation fringe benefits change? @ 22:21
  • What was the process for issuing the letter requesting guidance in this area? @ 24:19
  • What’s next for the task force? @ 27:49
  • How should tax practitioners approach areas of uncertainty? @ 30:01
  • Are business meals deductible after tax reform? @ 32:33

Kristin Esposito is a senior manager for the American Institute of CPA’s (AICPA) Tax Policy & Advocacy Team. In this role, she manages the Employee Benefits Tax Technical Resource Panel and the Corporations and Shareholders Tax Technical Resource Panel. She also is responsible for the development, review and submission of comments to Congress, the Department of Treasury and the Internal Revenue Service and policy recommendations.

Connect with Kristin on LinkedIn

Request for Immediate Guidance Regarding IRC Section 274 – Disallowance of Certain Entertainment, Etc. Expenses (Pub. L. No. 115-97, Sec. 13304)
Flowchart: Meals & Entertainment Deduction After the Tax Cuts and Jobs Act
Article: Tax Reform Modifications to the Deduction for Business Meals & Entertainment



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