Restaurant 401(k) compliance

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 …

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Tips to prepare for an IRS audit

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 …

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Restaurant audit prep tips

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 …

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Top 5 restaurant audit preparation tips and how they will improve your audit

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 …

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Accounting for third-party delivery services

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 …

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Top 10 restaurant audit preparation tips

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 …

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New lease standard: 5 things restaurant owners MUST know now

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 …

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New revenue recognition standard: franchisors impact

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 …

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