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 …
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 …
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 …
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 …
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 and relief. What Is the Relief? …
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 SBA released a PPP loan forgiveness application on Friday, May 15th along with instructions on completing the form. The application does provide some clearer guidance on some unanswered questions that people have been struggling with since the program started. There is clarity on how to calculate FTE (full time equivalent) employees, how to calculate …
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 …
The new revenue recognition standard takes effect for most private companies in 2019, but you can’t wait until then to learn about this. Download our new e-Book now.
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