Looking for a compensation package to attract and retain great employees?

Creating the right compensation and benefit strategy can be one of the most critical steps to ensuring any businesses lasting success.  In fact, in many cases the achievement of any business can often be determined by the strength of its key employees. A key employee plays a massive role in the organization and keeping those …

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Franchisor accounting for advertising funds

In addition to royalties, most franchisors will collect amounts from franchisees for brand marketing and advertising. Typically, these are set as a percentage of sales for each franchisee. The franchisor has control over the collection and the spending of the advertising funds, which should be used for the overall promotion of the restaurant brand that …

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New SBA guidance for forgiveness of PPP loans of $50,000 or less

On October 8, 2020, the SBA jointly with Treasury issued an interim final rule providing additional guidance concerning the forgiveness and loan review process for PPP loans of $50,000 or less. The interim final rule should result in a simpler forgiveness and loan review processes for loans of $50,000 or less by exempting the borrower …

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Which 401(k) plan makes the most sense for your restaurant?

In order to remain competitive in the industry and retain quality employees, many restaurant companies choose to offer a 401(k) plan. While this is one of the greatest benefits you can offer your employees, it is important to consider the costs and other implications associated with this. Are we required to have an external audit …

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The importance of solid accounting in a COVID-19 environment

I think we can all agree that 2020 has been a doozy so far, and it’s only August! You’ve no doubt been impacted by the COVID-19 situation, and you’ve probably made many changes in your restaurant operations on very short notice. Maybe you had to lay off staff for periods of time or work with …

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So you’re thinking of filing for bankruptcy? Five tips from a corporate attorney to consider before filing.

Guest Blogger Jeremy R. Jarrett is an associate lawyer with Jennings Strouss & Salmon, P.L.C. He assists a wide range of clients with mergers and acquisitions, capital raises, corporate governance, commercial contracts, reorganizations, and restructurings. Currently, the United States is in the midst of an unexpected pandemic that is wreaking havoc on all businesses, especially …

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Cost segregation benefits for restaurant owners

During these uncertain times, you most likely are searching for ways to keep your restaurant operating and sustaining cash flow. Relief may have come from the Paycheck Protection Program and you may have focused on delivery and pick-up options to mitigate the recent health mandates. There is hope that sooner than later your restaurant can …

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State offers sales tax relief amid coronavirus

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 and relief. What Is the Relief? …

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CARES Act and qualified improvement property

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 …

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