TRUMP JUST LIED A MINUTE AGO...DEDUCTIONS FOR MEALS & ENTERTAINMENT WAS DONE BY HIS ADM.

[spanone]

TRUMP SAID THAT THIS DEDUCTION WAS REMOVED 'YEARS AGO' LYING MOTHER FUCKER. IT WAS DONE BY HIS ADMINISTRATION....HE'S MENTIONED THIS MANY TIMES BEFORE

IRS updates guidance on business expense deductions for meals and entertainment

IR-2020-39, February 24, 2020

WASHINGTON — The Internal Revenue Service issued proposed regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA).

The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. It also limited the deduction for expenses related to food and beverages provided by employers to their employees.

These proposed regulations address the elimination of the deduction for expenditures related to entertainment, amusement or recreation activities and provide guidance to determine whether an activity is considered to be entertainment. The proposed regulations also address the limitation on the deduction of food and beverage expenses.

The proposed regulations affect taxpayers who pay or incur expenses for meals or entertainment. These proposed regulations generally follow Notice 2018-76 (PDF), issued on October 15, 2018, which provided transitional guidance on the deductibility of expenses for certain business meals.

https://www.irs.gov/newsroom/irs-updates-guidance-on-business-expense-deductions-for-meals-and-entertainment

[liberal N proud]

1. He has his cult member believing it was Obama

But at the end Obama admin, business lunches were still deductible

[sop]

2. "It's not a lie if you believe it" - George Costanza

[spanone]

3. Bwahahahaaa.....George knows!

[lame54]

4. He went a whole minute?

[GopherGal]

5. Didn't know he could hold his breath that long (n/t)

[onenote]

6. Context?

[4139]

7. It goes back to 1986. They tweak it in 2018