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November/December 2021 Tax Tips

IRS guidance on the 100% business meal deduction Generally, otherwise allowable business meal expenses are only 50% deductible. But legislation passed in 2020 temporarily lifted the 50% limitation. Now, businesses can deduct 100% of the cost of food or beverages “provided by a restaurant” in 2021 and 2022. In Notice 2021-25, the IRS provided some…

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