Archive for January 2021

Employers will be able to deduct 100% of their business meal expenses that are incurred in 2021 and 2022, rather than the standard 50%.The provision is limited to “food or beverages provided by a restaurant,” consistent with the policy objective behind this provision of   assisting the restaurant industry. The phrasing of “provided by” may also…

1. Extension of paid leave tax credits Under the FFCRA, employers with under 500 employees generally must provide paid leave to certain individuals impacted by COVID-19.  This requirement goes through December 31, 2020, and employers are eligible for a credit against payroll taxes to mitigate the cost of this leave.  The Act does not require…