The IRSand the Treasury released guidance Thursday April 8, 2021 on a temporary exception to the 50% limit that businesses can deduct for food or beverages from restaurants during the pandemic.
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Topics: ohio, workplace productivity, meal deduction, Management, Deductions, Workplace Culture, Coronavirus, COVID-19, Business Meal Expense
On Wednesday of last week, the IRS issued long awaited guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under the Tax Cuts and Jobs Act.
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Topics: Takeaways, brixey and meyer, Tax, Tax Team, tax reform, Tax updates, meal deduction, Steve Hood