Businesses can now claim a 100% deduction on restaurant meals through the end of 2022, the IRS announced. The IRS released guidance today, April 8, which temporarily allows businesses a full deduction for food and beverages purchased from restaurants, starting after December 31, 2020 and before January 1, 2023. Importantly, the full deduction only applies to food purchased from take-out and dine-in restaurants. The deduction does not apply to pre-packaged food or groceries. Additionally, food from third-party facilities operated by an employer isn’t eligible for the deduction.
O’Neil, Cannon, Hollman, DeJong and Laing will continue to monitor federal and state law tax changes. For questions or further information relating to the tax filing deadline, please contact Attorney Britany E. Morrison.
O’Neil Cannon is pleased to announce that John “Jack” McNally has joined the firm as…
Newsletter Article Highlights: Spring Cleaning for Your Business: Consider Your Document Retention Practices Get Your…
A number of former O’Neil Cannon attorneys have devoted a substantial portion of their professional…
The transfer portal and NIL (name, image, and likeness) payments have recently significantly changed the…
Spring is the season for cleaning and organization—and it can also be a good time…
A significant development to Wisconsin’s economic and cultural policy is now underway, as Governor Tony…