As you may know, the Tax Cuts and Jobs Act tax reform decimated a host of valuable entertainment tax deduction.
However, entertainment facilities luckily dodged a bullet and are still 100-percent tax deductible if you follow the IRS’s rules.
What are they? You’ll find out when you read my new information-packed article titled Tax Tips: Entertainment Facilities after the TCJA Tax Reform.
Three ways our fact-filled article can help you:
- We’ll explain how to meet Uncle Sam’s legal requirements. A beach home, ski cabin, or other entertainment facility must be primarily for the benefit of employees. These do not include officers, shareholders or other owners who own a 10-percent or greater interest in the business, or other highly compensated employees. You’ll get all the details when you read the full article.
- You’ll learn who can take advantage of the entertainment facility. Your facility qualifies as a tax-deductible employee entertainment facility when your employees make use of the facility more than you do. This means that the rank-and-file employee group must use the facility on more days than you or other highly compensated groups do. We’ll give you the whole story when you read the full article.
- We’ll explain the implications of corporate ownership. A corporation can reimburse an employee for all expenses allowable under Sections 161 to 199 of the tax code, including mortgage interest and depreciation. What happens when your corporation properly reimburses you for the expenses? You’ll find out when you read the full article.