The federal government has moved the tax filing deadline to May for taxpayers this year.
That is just one of the few adjustments the Internal Revenue Service says it has made this year responding to the financial hardships many Americans are facing due to the coronavirus pandemic.
Safety is also a concern.
“Our focus as the pandemic continues is to help taxpayers and the tax industry in a way that ensures the safety of our employees and the taxpayers in the communities we serve,” said Ken Corbin, commissioner at the IRS Wage and Investment Division. “That’s one reason we extended the due date for individuals to May 17, 2021.
IRS offers guidance on expanded tax deduction for food and beverages
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IRS offers guidance on expanded tax deduction for food and beverages
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IR-2021-79, April 8, 2021
WASHINGTON The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 PDF providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act 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.
Beginning January 1, 2021, through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided and the expense is not lavish or extravagant under the circumstances.
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