An existing tax deduction for businesses has become more valuable, for now. Generally, businesses can deduct only 50% of the cost of business meals and beverages. The 2020 Taxpayer Certainty and Disaster Relief Act increased that deduction to 100% for meals purchased from a restaurant in 2021 or 2022. The IRS just announced that use of that temporary full deduction has been expanded: Employers and self-employed persons who use per diem allowances to account for business-related travel may deduct 100% of the meal portion of the per diem allowance paid or incurred in 2021 and 2022. Here’s the announcement: https://bit.ly/3oGP9fY Call or visit our website for more information! www.mjscpa.com/
