Are your business foods still deductible in 2018? Yes, kind of. There were changes but for the most part some kind of meals deduction still is available. Let’s review what has changed. Before, we’d a 100% meals deduction for meals furnished at the employer’s place of employment as well as for the advantage of the employer.
That has transformed effective 1/1/18. They will now only be 50% deductible and then eventually stage out completely. There is one exception. If you have meal planning actually done on the premises (like a cafeteria), then it’s deductible so long as the employees pay taxes on the cost of the food prepared. I can’t picture what the accounting for that is going to look like.
It will be interesting to find out if companies continue offering cafeterias for employees with this new accounting problem to cope with. If you go out golfing, go to a game, visit a show or some other form of entertainment, even if it’s with a client, prospect, vendor, or for an obviously business-related purpose, it isn’t deductible.
However, if you go to a show and supper, the dinner will be 50% deductible if you talk business. The show won’t be deductible. That’s the largest change probably. It’s no more “meals & entertainment” that are deductible in the right circumstances. Only meals will be deductible. Make sure your bookkeeper is aware of the tax changes. You’ll need to drop the” & entertainment” from your chart of accounts, and other taxes planning changes.
He expresses the change like this: “No one in the world can say okay I have 100% of the smartphones in my own data foundation because the consent collection is more complete. No-one in the global world, even Facebook or Google, could say alright, 100% of the smartphones are alright to collect from them geolocation data.
“Before that there was a race to the higher reach. The biggest variety of smartphones in your database,” he continues. Now he says the idea for tech businesses with EU users is figuring out how to extrapolate from the percentage of user data, they can (legally) gather to the 100% they can’t. And that’s what Fidzup has been working on this season, developing machine learning algorithms to attempt to bridge the data gap so that it can still offer its retail partners accurate predictions for monitoring ad to store conversions.
“Now the challenge is to be as accurate as we can be with no 100% of real data – with the consent, and the true picture,” he adds. “The precision is less… but not that much. We’ve a very, high standard of quality on that… So now we can assure the retailers that with our machine learning system, they have almost the same quality as they had before.
Having a CMP that’s got regulatory ‘sign-off’, as it were, is something Fidzup is also now hoping to show into a new little bit of additional business. “The next change is similar to a chance,” he suggests. “All the work that we have done with CNIL and our publishers we have moved it to a fresh product, a CMP, today to all or any of the web publishers who ask to use our consent management platform and you can expect.
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So for us it’s a new product – we didn’t own it before. It’s not presently charging publishers to use the CMP but will be seeing whether it can change it into a paid product early next season. How then, after weeks of compliance work, will Fidzup feel about GDPR? Will it believe the rules are making life harder for startups as technology giants – as may also be recommended, with claims put forward by certain lobby organizations that regulations dangers entrenching the dominance of better resourced tech giants.
Or does he see any opportunities? In Magnan-Saurin’s view, half a year into GDPR European startups are in an R&D drawback is tech giants because U.S. Facebook and Google aren’t (yet) at the mercy of a similarly comprehensive privacy regulation at home – so it’s easier to allow them to bag up consumer data for whatever purpose they like.