:strip_exif(true):strip_icc(true):no_upscale(true):quality(65)/cloudfront-us-east-1.images.arcpublishing.com/gmg/TSJPKHKX6JABJFCST6JAJKZG2I.jpg)
Writing off more of that 3-martini lunch is causing a stir
Read full article: Writing off more of that 3-martini lunch is causing a stirBut experts say it’s scant immediate help for an industry reeling from the pandemic, while critics deride it as an insensitive “three-Martini lunch” giveaway to business. The under-the-radar provision in the bill restores the full deductions prized by business and lobbyists for fine dining and schmoozing. The full tax deductions for business meals in restaurants or taken out or delivered are temporary, only for 2021 and 2022 — unless extended by later legislation. The president and the Republican lawmakers advocating the restoration of corporate tax deductions say doing so could help shore up the restaurant industry. The deductions tend to favor higher-end restaurants, the part of the industry that’s been hardest hit by the pandemic’s economic disruption.