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Tax Reform for Small Business

How the new limits on deduction for meals and entertainment expenses affect small business? The new tax reform eliminates the deduction of any expenses related to entertainment activities. For those meals’ expenses related to entertainment activities must be separated from the entertainment charges. See the link below for the detail.

https://www.irs.gov/pub/irs-drop/n-18-76.pdf

For more details regarding the differences for small business expenses under the tax reform, see the comparison charts from IRS Website:

https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-a-comparison-for-businesses