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8 Oct 2021

Food and Beverage – Restaurant Tax Relief

YourFrontEOffice Tax News

Earlier this year, the Treasury Department and the Internal Revenue Service(IRS) issued Notice 2021-25, which added a temporary exemption to the 50% limit on the amount of food and beverage deductions a business can have.
January 1, 2021 – December 31, 2022, 100% of food and beverage expenses can be claimed by a business, provided that the business owner, or an employee, is present when food or beverages were provided, and the expense is “not lavish or extravagant under the circumstances.”

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