Ease hiring, finance pain with the Work Opportunity Tax Credit

As restaurants continue to reopen and struggle to find new employees, they may be leaving an untapped employee pool and lucrative tax planning opportunities on the table. The Work Opportunity Tax Credit is a federal tax credit for hiring individuals from a few targeted groups designated by the IRS. In general, employers can receive a …

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Don’t forget about the Employee Retention Credit

By now I am sure you have heard of and likely taken advantage of the PPP loan program that was rolled out in early 2020 as one of the many programs the government used to help keep the economy running and businesses open and operating. But did you also know of a lesser-known program called …

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Get the new lease standard ebook

It probably seems like we have been talking about the new lease standard for a decade, which would be accurate. It is finally time to implement the Financial Accounting Standards Board’s (FASB) ASU 2016-02 Leases (Topic 842). Fair warning: The changes outlined in the new standard will be time consuming for many companies to conform …

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Are you violating wage and hour laws?

Running a restaurant is complex and there are many different regulations that must be followed; including federal, state and local laws. When it comes to how to account for hours worked and pay to employees, it’s important to keep in mind wage and hour laws. Here are some of the more common wage and hour …

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Restaurants eligible for tax free pandemic loss grants

Tucked into the American Rescue Plan Act signed into law March 11, 2021 is a $25 billion Restaurant Revitalization Fund (RRF) administered by the U.S. Small Business Administration (SBA). The RRF establishes tax free pandemic grants for eligible businesses suffering from COVID-19 related revenue loss. Don’t miss: Food delivery businesses and sales tax issues To …

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Food delivery businesses and sales tax issues

Not long after the decision in Wayfair gave states the ability to enact “economic nexus” laws, marketplace facilitator laws started to rise. Generally, a “marketplace facilitator” is a business that has a marketplace and contracts with third-party sellers to promote the sale of certain tangible property, digital goods and services through the marketplace. The well-known …

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Experienced an operating loss? Consider impairments of long lived assets.

The COVID-19 pandemic made 2020 a challenging year for restaurant operators. For many restaurants, the difficulties caused by the pandemic will require management to review the carrying amounts of long-lived assets for potential impairment. Impairment is the write-down of value for assets on your balance sheet. Annual review of asset carrying amounts is standard for …

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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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What restaurant owners need to know about the employee retention credit

The employee retention tax credit (ERC) is a refundable tax credit for employers who had business operations that were either fully or partially suspended by a COVID lockdown order and retained employees. The credit is equal to a certain percentage of wages paid after March 12, 2020. The $900 billion pandemic relief bill that was …

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Summary of 2020 Side Dish blogs

This year has been a crazy one, to say the least, for most people in the restaurant industry. We thought our readers may enjoy a summary of all our 2020 Side Dish blogs in one place in the event you want to go back and re-read one of them. Don’t miss: COVID-19 Relief Act Webinar …

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