Prior To The New Law My Simple Understanding Of Tax Law Was:
Business Lunches With First Tuesday: 50% Deductible
Lunches For My Outstanding Staff For My Convenience: 100% Deductible
New Regulations Effective January 1, 2018 And For My Tax Return Of March 15, 2019:
Business Lunches: Same
Lunches for my staff: 50% and not deductible at all as of January 1, 2019
Now That Is Just Not Nice
Still Trying To Understand Terms Like: highly compensated employees, ensuring safety of employee on trips between home and office, de minimis fringe benefit, club dues versus facilities, qualified transportation and parking benefits.
Noel used to do seminars for Duane Gomer Education, before a way too early heart attack. He used to say that he would have his pay sent to the IRS regional office, and have them forward his share back to him. When he sent his tax return to State or Federal authorities, he would post in large letters that this was his first offer or first draft. Miss him, and I know that anyone who has ever observed him controlling an audience, remembers him fondly.
Say goodnight Gracie.