President Trump signed the Consolidated Appropriations Act, 2021, (the Act) narrowly averting a government shutdown. The Act not only contains funding for ongoing government operations, it also contains a $900 billion COVID-relief package which includes a number of measures affecting individuals, as well as businesses. In addition, the Act extends and amends certain tax provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES ACT), which became law last March. On of the provisions affecting individuals includes the Temporary Allowance of Full Deduction for Business Meals.
Business Meals 100% Deductible
The Act provides that the 50 percent limitation on the deduction for food or beverage expenses does not apply to expenses for food or beverages provided by a restaurant and paid or incurred before January 1, 2023.
Please contact the office of Don Fitch Accountancy at (760)567-3110 or Email Don.Fitch@CPA.com if you have any questions or would like additional information.
DON FITCH, CPA 74478 Highway 111 #3 Palm Desert, CA 92260
Toll Free: (877)CPA-Help or (877)272-4357 Cell: (760)567-3110 Fax: (760)836-0968
This blog post is intended to serve solely as an aid in continuing tax education for Don Fitch Accountancy blog and email members. Due to the constantly changing nature of the subject of the materials, this product is not appropriate to serve as the sole resource for any federal tax, accounting opinion, tax return position, and must be supplemented for such purposes with other current authoritative materials. The information in this blog post has been carefully compiled from sources believed to be reliable, but its accuracy is not guaranteed. In addition, Don Fitch Accountancy is not engaged in rendering legal or other professional services and will not be held liable for any actions or suits based on this blog post, email, or comments made during the above presentation. If legal advice or other expert assistance is required, seek the services of a competent professional.
(Updated 02/27/2021 08:05)
Published by Don Fitch
At Don Fitch Accountancy, we are a Certified Public Accounting firm specializing in comprehensive tax preparation across all 50 states. Our professional services cover Unfiled tax returns for over 40+ years, IRS forms 1065 (Partnership), 1120 (C-Corporation), 1120S (S-Corporation), 1041 (Trusts), 709 (Gift Tax), 706 (Estate), and 5500 (Retirement). We are committed to providing accurate, reliable service and look forward to supporting your business and personal tax needs.
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