Business deductions | Wallace, Plese + Dreher

Fringe Benefits and Taxes

Written October 4, 2022 by Barbara Dillon

Categories: Compliance, Tax, Tax deductions

Additional benefits on top of an employee’s regular pay may be taxable. The rules are complicated and employers should familiarize themselves with the requirements. Do you know which benefits are taxable?

IRS Issues Additional Guidance on Food Deduction

Written April 9, 2021 by Barbara Dillon

Categories: Business deductions, Food and Beverage Deduction, Food and Beverage Expenses, IRS, Meals and entertainment, Tax planning, Taxes, Taxpayer Certainty and Disaster Relief Act of 2020

The IRS issued additional guidance under the Taxpayer Certainty and Disaster Relief Act of 2020 allowing businesses a 100% deduction for food or beverages from restaurants. Earlier in 2021, legislation increased the 50% deduction to 100%.

Tag: Business deductions