Despite new laws set forth by the Tax Cuts and Jobs Act, the IRS says taxpayers can still deduct 50 percent of the cost of business meals, as long as the taxpayer or employee of the company is present at the meal and the food and beverage isn’t considered lavish. The guidance clears up confusion about whether last year’s tax law changes eliminated that benefit.
Guidance in Notice 2018-76 includes three examples of attending a sporting event with a business client and having food and drink while attending the game.