January 12, 2022
The Taxpayer Certainty and Disaster Relief Act of 2020 provides a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a 100% deduction for food or beverage from restaurants. The IRS issued Notice 2021-25 to provide additional guidance on these changes.
To access entire notice with explanation of each expense please click HERE.