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Restaurant Industry Tax Strategies and Year-End Update
Webinar length: 60 min. In 2020, the restaurant industry has endured multiple challenges. Through the highs and lows, restaurant owners and employees have remained dedicated, resilient and hopeful. As the new year approaches, we take time to recap important changes in 2020 and what to prepare for as we head into 2021. Join our Director, Tax & Business Advisory […]
Unclaimed Property – Gift Cards
Article written by: Jeffrey Monsman, JD Senior Manager, State & Local Tax Services With the holiday season approaching, it’s time to start thinking about what to get everyone on your shopping list. Chances are the shopping list will include a gift card or two. While gift cards have great utility for the issuer (cash upfront, entices customers to patronize its […]
SBA Disaster Assistance Program for Coronavirus (COVID-19)
Article originally published March 17, 2020 Updated March 19, 2020 SBA Disaster Assistance Program for Coronavirus (COVID-19) Declared for Several Ohio Counties As mentioned previously, the long-anticipated SBA disaster program has been approved for several states including Ohio. Please visit the SBA webpage for applications for eligible states and counties. ________________________________________________________________________ March 17, 2020 We are pleased to provide an […]
Everything Comes Back to Tax
Article written by: Tawny Flareau, CPA Senior, Tax & Business Advisory Services Last month at the Mid-America Restaurant Expo, we had the opportunity to attend a handful of seminars featuring an array of leaders in the restaurant industry. One seminar in particular, “Leading the Way”, included a panel comprised of Abigail Pringle, International & Chief Development Officer of Wendy’s, Jane Grote […]
Sales Tax Doesn’t Have To Be A Nightmare!
Article written by: Anthony Ott, CPA Director, State & Local Tax Services Sales tax is complicated enough for B2C businesses selling only tangible personal property like clothing, computer hardware, etc. Bars and restaurants experience several added layers of complexity. Without the proper setup, planning and diligence, sales taxes can cause significant exposure that quickly eats into your earnings. A few […]
IRS Issues Joint Directive For Timing Of Claiming Work Opportunity Tax Credit (WOTC)
Article written by: Ryan Kilpatrick, CPA, CEPA Senior Manager, Tax & Business Advisory Services On October 10, 2019, the IRS issued a joint directive to its Large Business & International (LB&I) and Small Business/Self-Employed (SB/SE) examination divisions to not challenge the timing of claiming a Work Opportunity Tax Credit (“WOTC”) in the case of a delayed certification from their State […]
Opportunity Zone Frequently Asked Questions
How long will QOZ designations remain in effect? Specific census tracts in distressed communities that were granted QOZ designation will retain their QOZ status until December 31, 2028. QOZ investments in these areas are valid through December 31, 2047. How can one invest in a QOZ? To receive the tax benefits, taxpayers must invest their realized capital gains into an […]