Deducting Business Meals
The tax rules on deducting meals have changed over the years. What kinds of deductions are available, and when? What about the annual holiday party for your employees?
Category: Food and Beverage Expenses
IRS Issues Additional Guidance on Food Deduction
The IRS issued additional guidance under the Taxpayer Certainty and Disaster Relief Act of 2020 allowing businesses a 100% deduction for food or beverages from restaurants. Earlier in 2021, legislation increased the 50% deduction to 100%.