IRS Serves Us New Guidance on Food and Fun (Completed)

This program reviews the rules on entertainment, meals and snacks in light of changes by the Tax Cuts and Jobs Act and proposed regulations issued in February 2020. These changes make the longstanding exceptions under Section 274 more relevant, change the documentation requirements and help in knowing how new rules interact with longstanding rules that remain after the TCJA. This webinar will also address how changes affect substantiation, recordkeeping and tax planning.

Who Should Attend
Practitioners seeking better understanding of the tax rules governing a business’s spending and planning on entertainment, meals, snacks, and related employee fringe benefits.

Topics Covered

• TCJA changes to Section 274 and why made; how to navigate this important rule post-TCJA
• Proposed regulations changed to final regulations
• Navigating the new rules and considerations for recordkeeping and planning
• Current issues in the meals and entertainment area and how to address them

Learning Objectives

• Identify and explain the tax rules applicable to a company's expenditures on entertainment, snacks, and meals for customers and employees
• Recognize and apply the rules of the proposed regulations under Section 274 released in October 2020
• Recognize and apply the TCJA changes and the IRS guidance addressing these changes

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of business spending and planning on entertainment, meals, snacks, and related employee fringe benefits.

Advance Preparation
None