Meals and Entertainment

Tax treatment of employer-provided meals and lodging

Gross income generally includes the fair market value (FMV) of meals and lodging received from one's employer. However, Sec. 119 allows an employee to exclude [...]

Travel The World, Write It Up, Write It Off

You have to admit it sounds awfully good. Travel the world, write your experiences, and write off all your expenses on your taxes. Trouble is, someone thought [...]

Meal Expense Tax Deductibility – 50% vs 100%

Abstract: Any food and beverage expenses that are directly related or associated with the active conduct of a trade or business are allowed to be deducted as [...]

IRS Clarifies Who Is Subject to 50% Limit on Meal and Entertainment Expenses

The IRS issued final regulations clarifying which party is subject to the 50% limit on deductible meal and entertainment expenses under Sec. 274(n) (T.D. [...]

What If A Taxpayer Doesn’t Have Receipts?

If you understand anything about our tax system, it's probably that you must have receipts. As a tax lawyer for the last 30 years, it seems like heresy to [...]

Should Warren Buffett’s $3.46M Lunch Be Tax Deductible?

About taxes, John F. Kennedy once said, ''The slogan—'It's deductible'—should pass from our scene.'' (Special Message to Congress on Taxation, Apr. 20, [...]