Red flags that trigger a sales tax audit

A 2022 survey of business that had been audited in the last 18 months revealed just how much businesses stand to lose on audits, why they are audited, and the most likely state to get an audit notice from. Here are some red flags that trigger a sales tax audit. Don’t miss: Religious leader tax …

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Clean up for restaurant audits

When thinking about your year end restaurant audits there are some key areas that could be cleaned up in order to help the audit process go smoother. Don’t stress, we have put together a list of some common areas that generally result in financial statement adjustments and ways to help prevent this. Don’t miss: Understanding …

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Update on the 80/20 tip credit rule

If you own or operate a restaurant or bar with tipped employees and plan to claim the tip credit, you’ll want to get up to speed on the 80/20 tip credit rule. A high-level view of this rule is restaurant owners are not allowed to claim the tip credit for employee time spent on non-tip …

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Did you miss these blogs in 2021?

Last year brought us several great discussions on all kinds of topics relevant to your restaurant business, and we want to make sure you don’t miss these blogs . We have organized the blogs by date below so they are easily accessible if you would like to go back and revisit any of them: January …

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Guide for Independent Reviews has been updated

When performing an audit for a court in the state of Arizona, auditors use a “Guide for Independent Review” to perform testing over controls and cash receipts, along with cash disbursements. In the most recent update, effective January 1, 2021, new areas for testing have been added. Those areas suspense/hold monies, overpayments and bonds over …

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Health matters, even during your audit

It’s that time of year again, audit time. For many, surviving another audit can be a rough ride. There is no denying that stress is high during audit time, pushing many near the brink of burning out. You focus so much on the audit many things are pushed to the wayside; sometimes this includes personal …

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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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How do you determine which grant to test in a single audit?

When single audits are required, there are a few steps needed in order to determine which federal program will be tested. Auditors use a risk-based approach when looking at the programs and their backgrounds. Don’t miss: Are not for profits prohibited from lobbying? The steps are as follows: Identify the larger federal programs and label …

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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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