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IRS Sees Delays in Tax Refunds and Quarterly Payments
It’s safe to say it’s been a crazy year. And that holds true in the tax world as well. Tax deadlines have been extended and around every corner a new bill or stimulus is passed. So here at Roos & McNabb, we are working hard to keep you updated as soon as we find something out! Since Tax Day was moved from April 15th to May 17th we have seen across the board delays in State & Federal Tax Refunds, Quarterly Payments, and Stimulus Payments. You are not alone if you have not received your stimulus or tax refund. The IRS is holding approximately 29 million tax refunds that need to…
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Take that Client to Dinner: Business Meals Are Deductible in 2021 and 2022
The Consolidated Appropriations Act, 2021, increased the business-meal deduction for the cost of food and beverages provided by a restaurant from 50 percent to 100 percent in 2021 and 2020 to promote increased business spending at restaurants. The temporary allowance of 100% meal deductions applies only to food and beverages provided by a restaurant and only for tax years 2021 and 2022. Notice 2021-25 states: “A business may claim 100 percent of food or beverage expenses paid to restaurants, assuming the business owner (or employee) is present when provided and the expense is not lavish or extravagant under the circumstances.” Under the temporary provision, restaurants include businesses that prepare and sell…
