( IRS issuance of final regulations involving 50 percent deduction limitation for meal and entertainment expenses under I.R.C. Sec. 274; limit applies to reimbursement or other expense allowance arrangements between payor (could be agent of employer or third party) and employee; when independent contractor reimbursed, deduction limitation doesn't apply if contractor accounts to client under I.R.C. Sec. 274(d) and regulations; but limits to apply to independent contractor and not to client if contractor fails to account to client; multi-party reimbursement arrangements analyzed separately; effective to expenses paid or incurred in tax years beginning after Aug. 1, 2013, but regs. can be applied to expenses paid or incurred in tax years beginning on or before Aug. 1, 2013 for which the limitations period on credit or refund under I.R.C. Sec. 6511 remains open).
- Ag Docket