The IRS recently issued Notice 2021-25 to implement the provision of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 which provides for 100% deduction for qualifying business meal expenses incurred between January 2, 2021 and December 31, 2022.

This will be beneficial both for the businesses ( for example, independent contractors, sales people on the road) that have these types of expenses and for the restaurants that are hoping to drive increased spending.  This notice outlines the types of expenses that are covered by the provision as well as its parameters and limits.  Businesses or individuals that have, or expect to have, meal expenses in the next two years should make sure that they are taking maximum advantage of this new provision.