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Marc S. Pelletier, P.C., CPA's
666 Main Street, PO Box 326 Southington, CT 06489
Phone: 860-620-5500
Question
Every year I pay for an all-day employee picnic during the summer, not to mention a holiday party later in the year. Are these expenses still deductible after the tax law changes?Answer
The new tax law eliminated much of the 50% deduction for meals and entertainment expenses related to customers and business prospects, with some exceptions. If your company gatherings are for employees or the public, the cost is still deductible. Costs are generally not deductible if you entertain clients. Look for future guidance from the IRS on this matter.
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