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 …

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Arizona tax preparer pleads guilty to preparing fraudulent tax returns

Last month Roberto De La O pleaded guilty to Fraudulent Schemes and Artifices and two counts of Preparing a False Tax Returns for fraudulently preparing around 118 tax returns for 2014-2017. To increase the taxpayer’s refunds, he’d included fake W-2s or 1099-Miscellaneous for Red Home Investments that included Arizona and federal income tax withholdings The …

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COVID-19 employee retention credit

To counteract the effects COVID-19 is having on the economy and businesses, the Internal Revenue Service recently announced the Employee Retention Credit. This refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer impacted by COVID-19. Wages between March 12, 2020 and December 31, 2020 are eligible for the …

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W-4 instructions for nonresident aliens

The IRS has completely overhauled the Form W-4 due to tax law changes from the Tax Cuts and Jobs Act (TCJA). The W-4 is the form employees complete which lets the employer know the proper amount of federal tax to withhold on their paychecks. The W-4 had to be redesigned to adapt to the removal …

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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 …

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Schools and deadlines during COVID-19

As of March 13, 2020, we were notified that all schools would be closed as a preventative measure due to the COVID-19 outbreak. This has resulted in multiple effects in our general community among other things. From a business perspective, new questions have surfaced for the March 31 deadline. Don’t miss: $21 million missing and …

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Take CARES – Impact to employee benefit plans

In response to the impact of COVID-19 Congress placed into law the Coronavirus Aid, Relief and Economic Security Act or the “CARES Act”. What does this 883-page law mean for retirement plans and their participants?  The CARES Act includes provisions that expand the availability of retirement funds to those who have been impacted by COVID-19. …

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COVID-19 stimulus law – “Paycheck protection program”

The president signed into law, on Friday, March 27, 2020, the “Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to address the unprecedented public health and economic crisis related to COVID-19. The law provides relief for individuals and businesses in various ways including tax relief, increased loan funding to provide cash flow to businesses, …

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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, …

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Big changes in IRAs – Expanding the definition of earned income

Recently, Congress passed and the President signed the SECURE Act “Setting Every Community Up for Retirement Enhancement”. This new legislation is the first major retirement reform since the Pension Protection Act in 2006. Don’t miss: IRA contribution and distributions to charity Many changes in the SECURE Act affect both 401k’s and IRA’s but one of …

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