May 7, 2021

May Newsletter

Here are your Articles for May 7, 2021.

Treasury, IRS provide guidance on tax relief for deductions for food or beverages from restaurants
The Treasury Department and the Internal Revenue Service issued Notice 2021-25 PDF providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a 100% deduction for food or beverages from restaurants.

Beginning January 1, 2021, through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided and the expense is not lavish or extravagant under the circumstances.

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University students and staff should be aware of IRS impersonation email scam
People should be aware of an ongoing IRS-impersonation scam that appears to target educational institutions, including students and staff who have “.edu” email addresses. The suspect emails display the IRS logo and use various subject lines, such as “Tax Refund Payment” or “Recalculation of your tax refund payment.” It asks people to click a link and submit a form to claim their refund.

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Know Your Legal Obligations Under the Americans with Disabilities Act
It’s not unusual for employers to learn the hard way about what is and isn’t permissible when it comes to handling employees with disabilities. For many, learning comes when they are sued by the Equal Employment Opportunity Commission. But it doesn’t have to be that way. Important lessons can be learned by monitoring recent cases brought by the agency. Take a look at the latest.

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Sell the Family Business the Tax-Smart Way
Let’s say you and the other family business co-owners are ready to cash out by selling the company. You obviously want to maximize the after-tax sales proceeds. Here are some considerations and important steps you can take to help achieve that goal.

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Will Your Employees’ Retirement Plans be Within Reach?
Is your employees’ future standard of living in jeopardy? Research suggests that a large number of people who are poised to retire within the next couple of decades will be in for a rude financial awakening. Almost 45% of American households are “at risk” of being unable to maintain their pre-retirement standard of living in retirement, according to one study. Read on for more details.

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Guard Against Age-Bias Suits When Downsizing

Layoffs can be avoidable for a variety of reasons. Sadly, the COVID-19 crisis has made them much more common. When conducting layoffs, you can ask older workers to waive their right to file age-bias suits, but federal law governs the terms of these accords rigidly. This article can help you understand how the statutory requirements work.


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