Along with tax rate reductions and a new deduction for pass-through certified business income, the new taxes regulation brings the reduction or eradication of taxes deductions for several business expenses. Two expense areas where in fact the Tax Cuts and Jobs Act (TCJA) changes the rules – and not to businesses’ benefit – are meals/entertainment and transportation. In effect, the reduced taxes benefits means these expenditures are more costly to a business’s bottom line. Prior to the TCJA, taxpayers generally could deduct 50% of expenses for business-related meals and entertainment. Meals provided to a worker for the convenience of the company on the employer’s business premises were 100% deductible by the employer and tax-free to the recipient employee.
Meal expenditures incurred while traveling on business and most other business foods are still 50% deductible. The 50% limit now also applies to foods provided via an on-premises cafeteria or elsewhere on the employer’s premises for the convenience of the company. After 2025, the cost of foods provided via an on-premises cafeteria won’t be deductible. The TCJA disallows employer deductions for the cost of providing commuting transportation to an employee (such as hiring an automobile service), unless the transportation is necessary for the employee’s safety.
The new regulation also eliminates employer deductions for the expense of providing qualified worker transportation fringe benefits. For example parking allowances, mass-transit vehicle, and passes pooling. These benefits are, however, tax-free to recipient employees still. Transportation expenses for employee work-related travel away from home remain deductible (and tax-free to the employee), as long as they otherwise be eligible for such tax treatment. The TCJA’s changes to deductions for meals, entertainment, and transportation expenses may affect your business’s budget. Depending about how much you spend on such expenses typically, you may want to consider changing some of your guidelines and/or benefits offerings in these certain areas. We’d be very happy to help you assess the impact on your business.
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