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Did You Know
If a business has six or fewer special events in a calendar year at which food, beverages, or entertainment is available to all employees at a particular business and the food, beverages, or entertainment is consumed or enjoyed by those employees, then the normal 50% limitation for a business deduction is not applicable and 100% of the expenses are deductible.
The typical example is a Christmas party, but other events could qualify. Talk to your Chartered Accountant.
Careful planning with a Chartered Accountant is warranted. Contact Keith Anderson CA at (780) 447-5830 if you need advice.
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