Although the recent change in tax rates under the Tax Cuts and Jobs Act (TCJA) has gained a lot of attention, there's still a fair share of this reform that taxpayers are trying to sort through. One of those main changes involves limits and restrictions on employee perks and business travel.
According to Forbes.com, the TCJA made changes to the deductibility of business-related meals and entertainment expenses. So, if your employer doesn’t pay for travel, transportation, meals, entertainment, gifts, and local lodging related to your work, you may not claim a deduction for those expenses. Yes, even if they're out of pocket. And yes, even if it’s 100 percent job-related.
To check out more on how this could impact you, click here.
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