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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Resources for Your Restaurant 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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COVID-19 Tips for Your Restaurant

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 (Tax Treatment of Gift Cards) Pare down your menu to …

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Dine-in closed during coronavirus outbreak

It’s official. Governments across the country have closed bars and dine-in services, and are 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 …

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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. …

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Handling reviews

Written reviews on restaurants are everywhere now. Not only do people hear good & bad experiences just through word of mouth, but looking up reviews is just a click away thanks to companies like Yelp and Google. Unfortunately, that means people can write a scathing review and the whole world can see. It happens to …

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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 …

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Year-end tax planning for your restaurant – Part 1

Year 2020 is fast approaching (and still no flying cars), but there’s still time to get some year-end tax planning done. In this two-part blog series, we’re going to discuss a variety of tax planning strategies for your restaurant. The first part of which needs to be implemented prior to the end of the year, …

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The future of restaurants and money-saving tips you need to consider

I just returned from one of the top two or three restaurant conferences in the industry. There were over 3,000 attendees and it seemed like a lot of deals were being made. We had a booth at the conference, which is a first for our restaurant niche, and we got a chance to meet some …

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Tax treatment of gift cards

As the holiday season approaches, gifts will be bought with increasing frequency. Have you ever considered how gift cards that go unredeemed are viewed by Federal and State taxing authorities? What are the revenue recognition rules and the escheatment standards that companies need to be aware of? Revenue Recognition The timing of recording taxable income …

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