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Top 10 Restaurant Topics In 2023
Keeping up with the ever-changing business environment doesn’t have to be taxing! Check out the top 10 restaurant topics we’re keeping an eye on. Labor Shortage and Wage Increase: It is no secret that labor is the biggest challenge facing operators. Attracting and retaining talent will be critical for a successful year. Operators are challenging themselves to find creative […]
Can You Benefit By Making A Pass-Through Entity Tax Election?
Many restaurant owners could be uniquely positioned to slice thousands of dollars off their federal tax bill due to the recent proliferation of state-level elective pass-through entity taxes. If your restaurant is a pass-through entity operating as a partnership, LLC taxed as a partnership, or an S corporation, there may be significant tax savings opportunities based on your geographic footprint. […]
Tax Implications of ASC 842 Leases Implementation
After being delayed for numerous years, private companies are required to adopt and implement ASC 842 Leases starting in 2022 (if not already implemented). The good news is that although the lease implementation for GAAP can be complicated and time consuming, the implementation for income tax purposes is relatively nonexistent. The IRS made no changes to the tax law as […]
Year End Tax Strategies For Restaurants
Not only is the end of the year reserved for holidays and quality time with family and friends, but it is also the time of year for year-end tax planning. Although there have been few changes in tax law for the 2022 tax year, there are still numerous strategies that can be implemented to help reduce tax liabilities as we […]
WOTC: A Beneficial Tax Credit for Businesses and Restaurants
Over the past two years, the Employee Retention Credit (ERC) has dominated the headlines in terms of federal tax credits, in particular for the restaurant industry. Now it’s time to turn the focus back to another valuable tax credit, the Work Opportunity Tax Credit, also called WOTC. What is the WOTC? The WOTC is a federal tax incentive program available […]
State Of Ohio Releases Initial Guidance On Elective Pass-Through Entity Tax
On Friday, August 5th, the Ohio Department of Taxation (ODT) released initial guidance on Ohio’s new elective pass-through entity (PTE) tax. As we reported in June, Ohio Governor Mike DeWine signed into law Senate Bill 246, which allows a PTE to elect into an entity-level tax. In response to the provision in the 2017 federal Tax Cuts and Jobs Act […]