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Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here . President Trump made a push Wednesday to bring back a tax deduction for business meals in an effort to restore the restaurant sector, which has taken a crushing hit from measures implemented to prevent the spread of coronavirus . In a White House press briefing, Trump noted that many restaurants would have “a hard time reopening,” which is why he’s calling for a renewal of the deduction. CORONAVIRUS STIMULUS CHECKS: WHO GETS MONEY AND WHEN? “We’re asking for, going back to deductibility where corporations can buy and corporations can go out to lunch and they pay, and they get a deduction on what they eat,” Trump said. “They get a deduction on the bill and same with the entertainment. It’s going to bring a lot of people back – I think it’ll open up the restaurant business.” Trump made similar comments in a tweet posted earlier in the day. NEED CORONAVIRUS CASH RELIEF NOW? HOW YOUR 401(K) CAN HELP Trump claimed that when the deduction was ended – as a part of the 2017 tax reform law – many restaurants went out of business. Under the Tax Cuts and Jobs Act, Congress repealed the entertainment deduction. That caused confusion as to whether business meals were still deductible. The IRS issued guidance on business meals in 2018 indicating 50 percent of the expenses remained deductible – as long as the meals were not “lavish” or “extravagant and other criteria were met. CLICK HERE TO READ MORE ON FOX BUSINESS Because any expenses related to activities generally considered entertainment, amusement or recreation were still not deductible, the scope of the business meal provision was limited. When a business meal was considered entertainment, for example, remained unclear. The IRS laid out examples where food was deductible as a business expense during an entertainment outing – like hot dogs bought at a baseball game (50 percent of the cost of hot dogs is deductible, not baseball tickets). Traditionally, business and entertainment meals were 50 percent deductible as a business expense as long as they were considered “necessary” and “ordinary.” The IRS was scheduled to hold a public hearing on the deductions this month. GET FOX BUSINESS ON THE GO BY CLICKING HERE Related Articles How to Make a Tax Lien Disappear I Inherited $20K. Do I Have to Pay Taxes? Don’t Become a Victim of a Tax-Relief Scam View comments
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