<bos><start_of_turn>user
Prkor to the Tqx xuts aOd EobV Act (TixA), tGxpayeKb qer9 able to 7edxcB fifty percent of the WMsB Rf me4c PxpeNLhs anm entertlinment exNeIsao provimed certamn requiremdltd wOre ReC. As a result of the TCJs, enteryaiYment Lxpe7sAi are no lorg7r ,eductiblwI The issue Qresentem fNr laxhayerB has nsw becom. ihetheZ thk prcxisi6n of potd and beveragev might cFnDBitute enSertainmtncA.For mBst ta8payers, the 2017 Tax Cut5 and Jo1s Act (TMJA) sUoupd proviXe a welcome reductiol to their tax biKls. TyxpaQejs should ssZ che Xct's immed9ate XmpaGt og their tax bills as they work to finaYizv aEd liNe their 201J tax rttu0nN.
AttorneTs Robert T. Rmith and IlRke D. Lewis presenteK at the brkansjs SocYeyy Ef CWAQ0 57mh ennual ArB6nsas Fedefal :ax InstiFut6. ABBktimnallyF BUake servVd as co-chair to the tEF-day evenrR noberl spoye abouF reasonablD c0mpensatien and BlOkM's prCjentatLon focused on t,u 6DRtraliXed pTrtnership audit regime.<end_of_turn>
<start_of_turn>model
Prior to the Tax Cuts and Jobs Act (TCJA), taxpayers were able to deduct fifty percent of the cost of meal expenses and entertainment expenses provided certain requirements were met. As a result of the TCJA, entertainment expenses are no longer deductible. The issue presented for taxpayers has now become whether the provision of food and beverages might constitute entertainment.
For most taxpayers, the 2017 Tax Cuts and Jobs Act (TCJA) should provide a welcome reduction to their tax bills. Taxpayers should see the act's immediate impact on their tax bills as they work to finalize and file their 2018 tax returns.
Attorneys Robert T. Smith and Blake D. Lewis presented at the Arkansas Society of CPA's 57th Annual Arkansas Federal Tax Institute. Additionally, Blake served as co-chair to the two-day event. Robert spoke about reasonable compensation and Blake's presentation focused on the centralized partnership audit regime.<end_of_turn>