What good will it do to subsidize business meals and entertainment when almost no one is traveling or meeting in person? The three martini lunchThe tax break, fondly known as the three martini lunch deduction, has been a long-standing boondoggle for decades. The TCJA generally repealed the deduction for business entertainment, such as, say, greens fees at golf courses or tickets to sporting events. There was some initial confusion about the meals deduction. When the TCJA slashed the meals deduction to 50 percent, there was little evidence that overall demand for restaurant meals slowed.

Source: Forbes May 07, 2020 15:00 UTC