April 2021
Meal Expenses Are 100% Deductible in 2021 and 2022
The IRS has provided guidance on tax relief for deductions for food or beverages from restaurants. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages.
Beginning 1/1/21 through 12/31/22, the temporary exception allows a 100% deduction for food or beverages from 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. Under the temporary provision, restaurants include businesses that prepare and sell food or beverages to retail customers for immediate on-premises and/or off-premises consumption. However, restaurants do not include businesses that primarily sell pre-packaged goods not for immediate consumption, such as grocery stores and convenience stores.

News Release IR 2021-79 and Notice 2021-25.
Wedding Bells!

On April 20, Jennifer Grealish, our Firm Administrator, was married to her boyfriend of 4 years, Robert Banks in Las Vegas. The couple was able to stream the event for family and friends to watch at home. They will continue to reside in Palatine with their 2 cats, Smalls and Fred.
Ron Austin, CPA
Brian Eisenmenger, CPA
Brian Hagene, CPA
Brett Mathieson, CPA
John Straus, CPA