IRS Announces New Business Deductions To Help Restaurants


Tell your boss this is why your whole department should be treated to lunch!

The IRS announced a new business deduction that will help restaurants!

Beginning January 1, 2021, through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided and the expense is not lavish or extravagant under the circumstances.

Marketwatch.com says the “deduction rule applies equally to sit-down meals and take out. Before this change, deductions for business meals at restaurants were limited to only 50% of cost.”