Businesses can now claim a 100% deduction on restaurant meals through the end of 2022, the IRS announced. The IRS released guidance today, April 8, which temporarily allows businesses a full deduction for food and beverages purchased from restaurants, starting after December 31, 2020 and before January 1, 2023. Importantly, the full deduction only applies to food purchased from take-out and dine-in restaurants. The deduction does not apply to pre-packaged food or groceries. Additionally, food from third-party facilities operated by an employer isn’t eligible for the deduction.
O’Neil, Cannon, Hollman, DeJong and Laing will continue to monitor federal and state law tax changes. For questions or further information relating to the tax filing deadline, please contact Attorney Britany E. Morrison.
Newsletter Article Highlights: A Beginner’s Guide to Trademarks: Part Two—USPTO Trademark Application Requirements What is…
Recently, attorneys Steve Slawinski and John Gehringer were named in the Wisconsin Law Journal’s Power…
October 21-27, 2024, is National Estate Planning Awareness Week—a timely reminder to think about your…
Attorney Maura Falk, a graduate of the University of Wisconsin Law School, has joined O’Neil Cannon’s…
When high-net-worth individuals and families incorporate charitable giving into their estate planning, they often consider…
Attorney Greg Lyons was recently honored, along with others, for his heroic actions in saving…