IRS to Review Tax-Exempt Meals at Companies
Listed as an administrative priority for the Treasury Department’s fiscal year, the Internal Revenue Service (“IRS”) is evaluating its rules surrounding company tax exemptions for free meals. Currently, companies qualify for the exemption if, as stated by the IRS, their workers cannot “otherwise eat proper meals within a reasonable period of time” and provide food “for the convenience of the employer.” If the IRS begins taxing such meals, company-provided breakfasts and dinners could be affected the most. While the effort is in its initial stages, a spokeswoman for the Treasury Department noted that the goal is essentially to offer additional. Read More.