Reminder that the deductibility of business meals has changed for 2021 and 2022. Food and beverages will be 100% deductible if purchased from a restaurant during 2021 and 2022. The temporary 100% deduction should help restaurants which have been hard hit by the pandemic. Below is a chart you may find helpful as you monitor these expenses. Entertainment continues to be 100% nondeductible.
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The Biden Administration’s American Families Plan and other tax proposals may complicate the tax landscape for high-income earners. Many of the proposals target taxpayers earning more than $400,000 per year.
Topics: Tax Planning, ohio, Tax, Tax Team, Tax updates, workplace productivity, meal deduction, Management, Deductions, Workplace Culture, Tax Increases, Biden Administration
Guidance Released: Temporary 100% Deduction on Business Meal Expenses
Posted by Alan Greenwell on Apr 12, 2021 11:50:22 AM
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.
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.
Topics: Takeaways, brixey and meyer, Tax, Tax Team, tax reform, Tax updates, meal deduction, Steve Hood