CARES Act restaurant tax provision

Our government rolled out the Coronavirus Aid, Relief and Economic Security Act (CARES Act) incredibly quickly to deal with the burgeoning socio-economic issues caused by the global pandemic. This post will just outline a few of the restaurant tax provisions contained in the new law. TCJA amended Section 163(j) to greatly expand limitations to the …

Keep Reading

Top 10 tax planning tips for 2020

A new decade is well underway, and below are ten top tax tips (say that five times fast) to make sure this year is your most tax-savvy to date! Don’t miss: Resources for restaurants during COVID-19 crisis Review your compensation – if your restaurant is owned in an S Corporation, you may want to review …

Keep Reading

Resources for restaurants during COVID-19 crisis

Struggling to keep your restaurant and employees from becoming another victim of COVID-19? Here are some resources to help keep everyone’s head above water. Another Round, Another Rally provides grants along with emergency funding for companies and individuals in the hospitality industry. The company is providing $500 grants to applicants through Visa gift cards, Venmo, …

Keep Reading

COVID-19 Tips for Restaurants

Struggling to think of ways to keep your restaurant business going during the coronavirus (COVID-19) crisis? Here are some ideas we hope will help. Check with your state and local governments to see if they have any disaster loans or grants. Offer discounted gift cards. Pare down your menu to favorites and easy to reheat …

Keep Reading

How does the Families First Coronavirus Emergency Response Act affect your restaurant business?

By now you’ve heard the Families First Coronavirus Emergency Response Act mandates sick time pay, and you’re probably wondering how that affects restaurant owners. You’ve been dealt multiple blows in the coronavirus pandemic. First, your business was affected by social distancing. Then state and local governments started asking (and in some places mandating) you stop …

Keep Reading

Dine-in closed during coronavirus outbreak

It’s official. Governments across the country are closing bars and moving restaurants to take out, delivery and drive-thru only. Colorado and California restaurants closed their dining rooms earlier this week and certain parts of Arizona (Phoenix and Tucson) are also shifting down as of March 17. Don’t miss: handling reviews As restaurant owners, you must …

Keep Reading

When you need a financial audit and what to expect

There are many reasons why business owners might consider having a financial audit performed. Financial audits enhance the perceived quality of the information communicated in your financial statements, which enables you to use your financial statements as a tool for running your business and to provide reliable financial information to outside parties. Although financial audits …

Keep Reading

Deterring restaurant turnover

Employers incur costs to recruit, hire and train new employees. Typically, these turnover costs in the restaurant industry can range anywhere from $3,000-5,000 or more, depending on the level of employee. So high turnover can be detrimental to any restaurant and business. There are some things that can be done that might help reduce turnover. …

Keep Reading

New VIE guidance impacting private companies

Over the past seven years, the guidance for variable interest entities (VIEs) has evolved due to collaboration between the Financial Accounting Standards Board (FASB) and the Private Company Council (PCC). The list below depicts the evolution through FASB ASU No. 2014-07 and most recently FASB ASU No. 2018-17. Prior to FASB ASU No. 2014-07 Required …

Keep Reading

Work Opportunity Tax Credit updates

On December 19th, the Senate passed the “Disaster Act”. It was previously passed by the House on December 17th, and the President is expected to sign it soon. Part of the Disaster Act extends the Work Opportunity Tax Credit (“WOTC”) through 2020. The WOTC allows employers who hire employees of certain targeted groups to potentially …

Keep Reading