Businesses can claim a 100% deduction on restaurant meals through the end of 2022, the IRS announced.
The IRS on Thursday released guidance which temporarily allows businesses a full deduction for food and beverages purchased from restaurants under a federal virus relief law, starting after Dec. 31, 2020 and before Jan. 1, 2023.
- The full deduction applies only to food purchases from take out and dine-in restaurants, not pre-packaged food or groceries.
- Food from third-party facilities operated by an employer isn’t eligible.
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