Owning and operating a restaurant can have significant perks, with a side of complexities. Mainly, understanding and forecasting taxes for restaurants, which can cause headaches among other responsibilities. Proactive tax planning is a must and should be completed prior to 12/31 of the calendar year to identify opportunities. Tax rules often change; best practice recommends business owners should understand the rules as stated currently, while being aware of potential future changes.
Under the Fair Labor Standards Act (FLSA), most restaurant employees are classified as non-exempt and entitled to overtime pay of 1 and ½ times their regular rate of pay. Calculating overtime pay can be challenging, especially for tipped employees.
With the current issues surrounding inflation, here are key steps for restaurants to manage the costs of food.
It’s the time of year to give and receive gift cards, which can be beneficial to all involved. For restaurants, are you classifying the revenue correctly? Learn the key factors for proper gift card calculations.
Inflating is impacting all businesses, including restaurants as diners are cutting back extra spending. Here are six ways to navigate inflation to help your restaurant’s bottom line.
Restaurants are soaring in popularity, especially in Northeastern Ohio where recent projections show a strong year ahead for owners. As meal delivery services continue to expand and consumers stay busy, restaurants are slammed with demand. A good problem to have – but if you’re a restaurant owner, are you capitalizing on the recent tax changes? …
By Kristy Angerstien | Supervisor, Tax While it seems more cooking shows are appearing on cable and streaming services, studies show Americans are still preferring to eat outside their home. A 2017 report stated the average household spends $3,008 per year on eating out. The benefits for restaurant diners are endless: convivence, fast, no mess, …