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Final regulations released to Federal Register: Deductibility of meal and entertainment expenses

Deductibility of meal and entertainment expenses

The U.S. Treasury Department and IRS this afternoon released for publication in the Federal Register final regulations (T.D. 9925) providing guidance under section 274 regarding changes made by the 2017 U.S. tax law limiting the deductibility of meal and entertainment expenses.

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The final regulations [PDF 317 KB] (15 pages as published in the Federal Register on October 9, 2020) adopt regulations proposed in February 2020 with certain modifications.

The IRS on September 29, 2020, posted a version of these final regulations on its website. That version of the final regulations includes the following statement:

This document has been submitted to the Office of the Federal Register (OFR) for publication and will be pending placement on public display at the OFR and publication in the Federal Register. The version of the final regulations released today may vary slightly from the published document if minor editorial changes are made during the OFR review process. The document published in the Federal Register will be the official document.

Read a computer-generated document [PDF 735 KB] that provides a comparison of the version of the final regulations submitted this afternoon to the Federal Register against the version posted by the IRS on September 29, 2020. This unofficial document was produced by KPMG for the purpose of showing what changes, if any, were made to the regulations prior to being released to the Federal Register for publication. It has not been reviewed for accuracy.

Earlier today KPMG provided a report of initial impressions of these final regulations (based on the version of the final regulations posted by the IRS on its website in September 2020). Read TaxNewsFlash

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