It seems like we have been talking about the new revenue recognition standard and lease standard for almost a decade now. As of last month, the Financial Accounting Standards Board (FASB) has extended the implementation period for these new standards yet again. For the leasing standard, private companies may now delay to annual reporting periods …
After the federal income tax deadline was extended in late March, many states were quick to follow suit. Thirty-three states and D.C. adopted July 15 as the state income tax deadline, including Arizona and California. Besides the state income tax, some states are also offering delayed sales tax payments. What Is the Relief? The delayed …
As most of you know, the CARES Act has been all over the news for the past couple of months, primarily as it relates to government stimulus checks and of course the Paycheck Protection Program, the intricacies of which are still being navigated by borrowers and their tax advisors. One of the more important and …
The Paycheck Protection Program has been a hot topic for the last few weeks, with restaurants and other small businesses everywhere scrambling to get their slice of over $650 billion in SBA loans. Providing these loan proceeds are used for approved purposes such as payroll costs, employee healthcare benefits, rent, utilities and interest on existing …
You have an interest in a business that lost money, but when you get your final tax return you are surprised to see you still owe taxes. What happened? Well your business or businesses may have been subject to the passive activity loss rules, with losses being carried forward to future years instead of taking …
After the initial $349 billion funding of the Paycheck Protection Program dried up in record time early this month, congress has approved and the president has signed into law a second round of relief that includes an additional $310 billion of funding for the small business lifeline program. Many restaurants applied the first time around …
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 …
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, …
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 …
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 …