IRS Provides Guidance on Temporary 100% Business Meal Deduction
By EsqSocial Corporation 21/04/21
The 2017 Tax Cuts and Jobs Act eliminated the 50% deduction for any expenses related to business entertainment, amusement or recreation activities but preserved the 50% deduction for business expenses related to food and beverages if certain requirements are met. To assist the restaurant industry, in which more than 110,000 eating and drinking establishments closed during the year 2020 as a result of the COVID-19 pandemic, the Consolidated Appropriations Act, 2021 temporarily increased the...
By: Murtha Cullina