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    Tax Treatment of Meals & Entertainment

    Posted by Jeff Kujawa on Jan 25, 2022 1:10:46 PM

    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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    Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, meal deduction, New Year, Business Meal Expense

    Prepare for Potential Tax Increases

    Posted by Jeff Kujawa on Jun 7, 2021 11:56:14 AM

    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.

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    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.

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    Topics: ohio, workplace productivity, meal deduction, Management, Deductions, Workplace Culture, Coronavirus, COVID-19, Business Meal Expense

    New IRS Guidelines on Business Meal Deductions

    Posted by Steve Hood on Oct 8, 2018 11:23:45 AM

    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

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