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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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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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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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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Taxpayers losing SALT lawsuits

Not only have states become more aggressive in collecting all sorts of taxes since the Wayfair decision passed, they have generally become more successful in their lawsuits as well.  In 2019 and 2018, taxpayers prevailed on their significant SALT cases at 38.1 percent and 36.8 percent, respectively, while in 2017 and 2016 the percentages were …

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Arizona tax deadline changed to July

In line with the change to the federal tax filing deadline, the Arizona Department of Revenue (ADOR) moved the deadline for filing and paying state income tax from April 15 to July 15, 2020. The new deadline applies to individual, corporate and fiduciary tax returns and means taxpayers filing state tax returns or submitting payments …

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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 …

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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 …

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What is positive pay?

One of the most common forms of fraud within organizations continues to be check fraud. Positive Pay can be a great tool for nonprofit organizations looking to strengthen their controls and help prevent fraudulent checks from being paid. Positive Pay does, however, come at a cost of both time and money. So, do the pros outweigh …

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