Wall Street Era of Deducting $65 Dry-Aged Steaks Could Be Over
- Trump tax law seems to end 50% write-off for business meals
- Accountants urge IRS to provide guidance to clear up confusion
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For Wall Street banks, treating clients to the 45-day dry-aged bone-in rib eye at Delmonico’s in Manhattan may now cost the full $65, thanks to President Donald Trump’s tax law.
The overhaul delivered a windfall to corporate America by slashing the tax rate to 21 percent. But one of the law’s provisions could curb wining and dining of clients, a mainstay of the finance, investment, law and lobbying industries.