![]() Last year, Moore and Trump traded Twitter barbs over Moore’s Trump-inspired one-man Broadway show, The Terms of My Surrender. “I hope he never does one on me,” Trump said. In the clip, Trump congratulated Moore on Roger & Me, Moore’s film about General Motors C.E.O. In May, Moore teased the documentary on Twitter, sharing a clip of him and Trump appearing together on Roseanne Barr’s 1998 talk show, The Roseanne Show. Moore’s crew had shot footage of Ocasio-Cortez two months ago, and he intends to include her in his film. For example, if a business fetes a customer in its luxury suite at a football game, the cost of the tickets is not deductible, and the food and beverage expenses must be separately invoiced from a qualifying “restaurant.Backstage at Colbert, Moore met a new political star who was a last-minute booking on the talk show, Alexandria Ocasio-Cortez, who just stunned the Democratic establishment by winning the primary in New York’s 14th Congressional District. ![]() So, does this mark the return of the “three martini lunch”? Maybe, at least through 2022.īut there still are limits, such as the usual precondition for business deductions to be “reasonable” and related to the business.įinally, remember that the Tax Cuts and Jobs Act’s general prohibition on deductions for business entertainment expenses remains in force. ![]() A business now needs only document the business purpose and dollar amount of each meal expense deducted (although retaining copies of receipts and records of who was wined and dined remains a best practice). In addition, the prior “strict substantiation” requirements for the meal’s deduction have also been relaxed. However, prepackaged food for offsite consumption (for instance, pre-prepared sandwiches from a grocery store) does not qualify, nor does liquor purchased from a liquor store. Congress responded in the Consolidated Appropriations Act of 2021 by enacting IRC Section 274(n)(2)(D), which allows, for tax years 20 only, a 100 percent deduction for all business “food and beverages provided by a restaurant.”Īmong the nuances in this temporary provision, the food does not need to be consumed on premises takeout food qualifies. Under the Tax Cuts and Jobs Act of 2017, Section 274(a) was again amended, this time to completely eliminate the deductions for business entertainment expenses.Īnd then, in response to the global pandemic which began in early 2020, President Donald Trump urged Congress to make business meals fully deductible, in an effort to bolster the reeling restaurant and hospitality industries. By 1985, when Roger Moore’s last Bond movie hit theaters, President Ronald Reagan was in the process of finalizing the Internal Revenue Code of 1986, which would limit meals and entertainment deductions at 50 percent.Ĭoincidence? All I can say is, that theory should survive to die another day. President Jimmy Carter began the movement to curb these business deductions for what he called “three martini lunches” during his presidential campaign in 1976. At that time, businesses could deduct 100 percent of all meal and entertainment expenses. Roger Moore made his first movie as James Bond in 1973.
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