The U.S. Treasury and IRS have issued a notice providing guidance on tax relief for deductions for food or beverages from restaurants.
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Businesses can temporarily deduct 100% beginning January 1, 2021
IR-2021-79, April 8, 2021
WASHINGTON — The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses…