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Meals and Entertainment Expenses
Meals and entertainment expenses are generally only 50% deductible, and provided the expenses are ordinary and necessary, have a business purpose and have proper documentation, there should be no issues surviving an IRS audit.
Did you know certain meals and entertainment expenses are 100% deductible? Yes, the law provides that the 50% limitation does not apply to the following:
- De minimus fringe benefits, and
- Certain recreational and social expenses benefiting employees other than highly compensated employees, officers and owners.
Beginning in 2013, individual income tax rates have increased. Thus, there are many benefits to reviewing your meals and entertainment policy and the recording of meals and entertainment expenses subject to the 50% vs. 100% deductibility.
For example, social meals and entertainment expenses including retirement functions, picnics and summer outings may be fully deductible.
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