It is that time of year again, 401(k) Plan audits are just around the corner. Although this can be a stressful time of year, there are things that you can do to help your Restaurant 401(k) compliance audit and your plan run smoother. The items noted below are particularly important for restaurants for a number …
Every tax return filed with the Internal Revenue Service has the potential to be audited by the IRS. Normally, returns are selected randomly through computer screening or related examinations. This IRS audit is intended to determine whether your income, deductions and any payments or refunds are correct. Don’t miss: Software solutions for your restaurant Here …
Here we go again! Another year, another audit. Maybe this time last year you were a little stressed trying to prepare paperwork and fulfilling requests for the audit team but have no fear because we have tips for you this year! Don’t miss: What restaurant owners need to know about the employee retention credit You …
It seems like we have been talking about the new revenue recognition standard and lease standard for almost a decade now. As of last month, the Financial Accounting Standards Board (FASB) has extended the implementation period for these new standards yet again. For the leasing standard, private companies may now delay to annual reporting periods …
With technology today, it’s simple enough to find out what items you might need to prepare for an audit of your restaurant. But it’s not as common to find ways that you can improve your preparation tools. In this blog, we’ll look at five preparation tips/tools, and ways that enhancing these areas can improve your …
Third-party delivery services like Grubhub, DoorDash, UberEats, and Postmates have been growing in popularity over the past few years and will continue to grow. The industry is currently over a $15 billion dollars and is expected to grow at least 10% to 15% per year over the next five years. These services provide consumers the …
It’s that time of year again to close the books and get ready for your annual audit. You may be cringing because it’s coming soon, but with proper planning and communication, the audit process can go very smoothly for you and not be time consuming. We’ve compiled our top 10 restaurant audit preparation best practices …
We all know lease accounting is changing for private companies starting in fiscal 2020. With leases being such a big component of the restaurant business, the new lease standard will have a significant accounting impact on restaurants. Gone are the days of having off balance sheet impact. Now, those operating leases will be grossing up …
Revenue recognition for private company franchisors will be changing drastically for fiscal 2019 and will require either a retrospective or modified retrospective application to prior years presented in your audited financial statements for FDD purposes. The main impact is affecting the recognition of the initial franchise fees and area development fees. Another impact is the …