You need to the know the answer because in 2021 and 2020, 100% of business meals provided by a restaurant is deductible. If the meals are not at a restaurant, the cost is only 50% deductible. The IRS has clarified what is or is not a restaurant for this purpose. A restaurant does not include a business that primarily sells pre-packaged food or beverages not for immediate consumption, such as a grocery store; specialty food store; beer, wine, or liquor store; drug store; convenience store; newsstand; or a vending machine or kiosk. #IdeaoftheDay
Important: The deadline for applying for a PPP loan runs through May 31, 2021.
