Holiday season is around the corner and restaurants do a lot of catering and special events, often creating a lot of leftovers – both on the table and in the pantry. Did you know that changes to the Tax Code in 2016 now allow for greater food donations and charitable deductions for restaurants?
This is a win-win-win situation for restaurants, food banks, and the food donation community. Before Congress passed the enhanced deduction, only large companies could take advantage of the enhanced deduction. Now S-corps, partnerships, LLCs, and others can benefit from the enhanced deduction, as long as donations go to a 501(c)(3), (non-profit) organization. And – the enhanced tax deduction is now permanent. Find out all you need to know in our latest two-minute TRA News Now.
TRA has an entire library of News Now videos available for viewing? Topics include labor law, local advocacy, state regulations, menu labeling, TRA partners and resources, and many, many more - watch and learn!