Have you missed partying and having business meals with your prospects, customers, and employees?
Well, get ready to start again. Soon, COVID-19 will behind us. It could be just a few short months away.
To help you get ready, check the table below for what you can do in 2021 and 2022 as the law stands now:
|
Amount Deductible for Tax Years 2021-2022 |
||
Description |
100% |
50% |
Zero |
Restaurant meals with clients and prospects |
X |
|
|
Entertainment such as baseball and football games with clients and prospects |
|
|
X |
Employee meals for convenience of employer, served by in-house cafeteria |
|
X |
|
Employee meals for required business meeting, purchased from a restaurant |
X |
|
|
Meal served at chamber of commerce meeting held in a hotel meeting room |
X |
|
|
Meal consumed in a fancy restaurant while in overnight business travel status |
X |
|
|
Meals cooked by you in your hotel room kitchen while traveling away from home overnight |
|
X |
|
Year-end party for employees and spouses |
X |
|
|
Golf outing for employees and spouses |
X |
|
|
Year-end party for customers classified as entertainment |
|
|
X |
Meals made on premises for general public at marketing presentation |
X |
|
|
Team-building recreational event for all employees |
X |
|
|
Golf, theater, or football game with your best customer |
|
|
X |
Meal with a prospective customer at the country club following your non-deductible round of golf |
X |
|
|
Green Krist, CPA specializes in assisting taxpayers with IRS and North Carolina Department of Revenue issues in the greater Raleigh, North Carolina area.
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