If you’ve turned on the news over the last week and a half, you’ve either seen reports of the market plummeting or surging. Almost every day it’s been to the extreme one way or the other. Volatility is back and so are the emotions that come with it. But, knowledge is power so arm yourselves with the facts to tame these animals!

At a high level, entertainment expenses are nondeductible, and most meals are 50% deductible. Previously entertainment expenses were 50% deductible and a broader array of meals had the potential to be 100% deductible. We anticipate this area of tax reform will be heavily scrutinized by the IRS so it’s important that you properly tag these items if you experience these types of expenses in your business.