Business Meals Are Now 100% Deductible!
Happily, most restaurants that were closed or takeout-only earlier in the pandemic are now offering dine-in service. That’s great news for our business clients, especially those in the restaurant industry, as well as eager diners. (We know we’re ready to enjoy eating out again!) According to revised IRS guidelines released April 8, business meals are now 100% deductible instead of 50%, and the same applies to employee shift meals. This temporary deduction is available for tax years 2021 and 2022 to help stimulate the restaurant industry. For easy reference, here’s what the 100% meal deduction covers:
- Employee shift beverages and meals at the restaurant
- In-office meals
- Meals during a seminar or conference
- Business travel meals
- Client business meals
Have questions? Don’t hesitate to contact us! The CJBS team is always available to answer any questions you have.