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September 30, 2020

IRS issues final regulations on meal and entertainment expense deductions

The IRS has issued an advance copy of final regulations (TD 9925) addressing the Tax Cuts and Jobs Act's elimination of the IRC Section 274 entertainment expense deduction. The regulations also address the limitation on deductions for food and beverage expenses under various subsections of IRC Section 274. The final regulations generally adopt proposed regulations (REG-100814-19; see Tax Alert 2020-0442) issued in February 2020, with some changes made in response to public comments. A Tax Alert is forthcoming.