All those lunches — ranging from everything from sandwiches to sushi — that companies bought to encourage employees to hop out of their sweats and back into their suits, or at least clean khakis, will no longer be as lucrative a tax break in 2023. Most employees probably had no idea that tax rules spiced things up in the office last year and the year before that. But companies often could take advantage of a special tax deduction as they regularly bought food for the staff to encourage people to stop working remotely and swing back into the building after pandemic-related precautions unraveled much workplace activity since 2020. A tasty tax break In 2021 and 2022, companies could deduct the entire cost for many business-related meals and beverages purchased from a restaurant. The same wasn’t true if food was picked up at the supermarket, party store, vending machine, or convenience store. It had to be takeout or delivery from a restaurant or meals eaten at the restaurant. The temporary tax break was far better than the typical 50% deduction for business meals. To qualify, the IRS noted, payment or billing for the food and beverages had to take place […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
