NBAA Article Assists Members With Tax Laws On Meals And Leisure
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The Nationwide Enterprise Aviation Affiliation (NBAA) has had
substantial engagement with the Inner Income Service (IRS) and
the U.S. Division of the Treasury over the past a number of years in
regard to tax laws for enterprise meals and leisure
The Tax Cuts and Jobs Act in 2018 launched vital adjustments
to the Inner Income Code, together with to Part 274, with the
elimination of deductions for enterprise leisure bills.
By means of the NBAA’s efforts with the IRS, the final regulations embody vital
clarifications on how meals and leisure deductions might impression
the deductibility of flights on enterprise plane.
The NBAA is
providing an article written by Tax Committee Chair John
Hoover concerning the impression on enterprise aviation of the IRS
laws. The article discusses the next matters that are
affected by the ultimate regulation:
- bills for private meals as a
- journey prices for journeys involving
leisure and nonentertainment actions
- deductions for spouses touring for
- the 50 % deduction disallowance
- a leisure of punitive actions for
- the sufficient and full consideration
The content material of this text is meant to offer a common
information to the subject material. Specialist recommendation needs to be sought
about your particular circumstances.
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