Guidance Issued for 100% Business Meal/Beverage Deductibility, 2021-2022
Yesterday, the IRS and Treasury Department issued guidance allowing a 100% business deduction for food or beverages purchased from restaurants, from January 1, 2021 to December 31, 2022.
For clarity, the term “restaurant” means a business that prepares and sells food or beverages to retail customers for immediate consumption, regardless of whether the food or beverages are consumed on the business’s premises.