I thought I'd share some good news as it seemingly "feels" like we might be seeing some improvements of our current COVID-19 protocols that would allow us to venture toward our more "normal" business activities that will now be more conducive to connecting with our Customers again.
When you know the rules, Business Entertainment and “Employee Entertainment” costs are allowed to be tax-deductible.
The IRS says that the following types of entertainment qualify for the 100 percent employee entertainment tax deduction.
To help you get ready, check the table below for what you can do in 2021 and 2022 as the law stands now:
Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo
You take Bill, your best customer, to the local country club and treat him to 18 holes of golf. The golf produces a zero deduction.
You take your employees and their spouses and children to the local country club, where they play golf and tennis; swim; and enjoy lunch, dinner, and snacks.
The cost of the country club meals and activity produces a 100 percent tax deduction.
In this article, you will learn the following:
What it takes to qualify an employee party for the 100 percent deducti...