The Internal Revenue Service last week issued proposed new rules governing the deductibility of certain business expenses in light of changes dictated by the Tax Cuts & Jobs Act of 2017. Prior to the TCJA, business deductions for meal and entertainment expenses were limited to 50% of the cost, but the TCJA repealed entertainment expense deductions. However, in transitional guidance the IRS issued in 2018, the agency stated clearly that the law does allow businesses to continue to deduct 50% of most meals and beverage expenses associated with entertaining clients. The proposed rules state that the costs of business meals while entertaining clients are deductible as long as they are reflected on a separate receipt or invoice. The proposed rules issued last week mostly conform to the temporary 2018 guidance. A public hearing will be held on April 7, but individual public comments can be submitted online.