Brendon Landi
As COVID-19 benefits provided to taxpayers and businesses are being phased out, one particular change may take some business owners by surprise. In 2021, the Consolidated Appropriations Act provided temporary increased deductibility of certain business meal expenses for 2021 and 2022. However, as we have now moved out of this temporary time frame, the deductibility of meals and entertainment return to pre-2021 regulations set forth by the Tax Cuts and Jobs Act of 2018. Now I’m sure you’re asking yourself, “Well what can I deduct?” The answer to this question actually depends on the circumstances.
As COVID-19 benefits provided to taxpayers and businesses are being phased out, one particular change may take some business owners by surprise. In 2021, the Consolidated Appropriations Act provided temporary increased deductibility of certain business meal expenses for 2021 and 2022. However, as we have now moved out of this temporary time frame, the deductibility of meals and entertainment return to pre-2021 regulations set forth by the Tax Cuts and Jobs Act of 2018. Now I’m sure you’re asking yourself, “Well what can I deduct?” The answer to this question actually depends on the circumstances.