{"id":6348,"date":"2021-12-03T10:00:00","date_gmt":"2021-12-03T15:00:00","guid":{"rendered":"https:\/\/hoorfarlaw.com\/blog\/?p=6348"},"modified":"2021-11-23T12:40:06","modified_gmt":"2021-11-23T17:40:06","slug":"irs-provides-guidance-on-per-diem-rates-and-the-temporary-100-deduction-for-food-or-beverages-from-restaurants","status":"publish","type":"post","link":"https:\/\/hoorfarlaw.com\/blog\/?p=6348","title":{"rendered":"IRS provides guidance on per diem rates and the temporary 100% deduction for food or beverages from restaurants"},"content":{"rendered":"\n

The Internal Revenue Service today issued Notice 2021-63 <\/a>to make clear how the temporary 100% business deduction for food or beverages from restaurants applies to taxpayers properly applying the rules of Revenue Procedure 2019-48<\/a> for using per diem rates.<\/p>\n\n\n\n

Previously, the IRS issued Notice 2021-25<\/a> providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020, which added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a 100% deduction for food or beverages from restaurants, as long as the expense is paid or incurred in 2021 or 2022.<\/p>\n\n\n\n

For a taxpayer properly applying the rules of Revenue Procedure 2019-48<\/a>, Notice 2021-63<\/a> provides a special rule that allows the taxpayer to treat the full meal portion of a per diem rate or allowance as being attributable to food or beverages from a restaurant beginning Jan. 1, 2021, through Dec. 31, 2022.<\/p>\n\n\n\n

\"\"<\/a>
Courtesy of the Internal Revenue Service<\/figcaption><\/figure><\/div>\n\n\n\n

Taxpayers should refer to section 6.05 of Revenue Procedure 2019-48<\/a> to determine the meal portion of a per diem rate or allowance paid or incurred.<\/p>\n\n\n\n

More information for businesses seeking coronavirus-related tax relief can be found at IRS.gov<\/a>.<\/p>\n\n\n\n

Need tax assistance? Call us at 816-524-4949 or visit our website <\/a>to schedule a consultation.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Internal Revenue Service today issued Notice 2021-63 to make clear how the temporary 100% business deduction for food or beverages from restaurants applies to taxpayers properly applying the rules of Revenue Procedure 2019-48 for using per diem rates. Previously, … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-6348","post","type-post","status-publish","format-standard","hentry","category-taxation"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6348"}],"version-history":[{"count":1,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6348\/revisions"}],"predecessor-version":[{"id":6349,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6348\/revisions\/6349"}],"wp:attachment":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}