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.
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
(Updated 02/27/2021 08:05)