The IRS and the Treasury released guidance Thursday on a temporary exception to the 50 percent limit that businesses can deduct for food or beverages from restaurants during the pandemic.
In Notice 2021-25, the Internal Revenue Service and the Treasury Department offered details on a provision of the COVID-19 relief package that Congress passed last December, which temporarily allows a 100 percent deduction for food or beverages from restaurants through the end of next year. Normally, there’s a 50 percent limit on the amount that businesses can deduct for food and beverages.
The provision was included in the Taxpayer