Impacts Of The Employee Retention Credit On Debt Covenants
The Employee Retention Credit (ERC) has provided significant tax benefits to the restaurant industry. Due to the significant cash in-flow provided by the credit, many owners may have the desire to take a distribution of cash from the company when the credit is received. However, the company may be limited on the distribution amount that can be taken based on the impact the ERC income has on debt covenant calculations.
Since the credit has a direct impact on the company’s financial statements, any company that is subject to debt covenants should be aware of the impacts of the ERC on the debt covenants. Learn more by clicking here.
IRS Updates Mileage Rates For The Remainder Of 2022
On June 9, 2022, the IRS announced an increase in its mileage rates for the final six months of 2022. Effective July 1st, 2022, the standard mileage rate for business travel is 62.5 cents per mile, up 4 cents from the rate that was effective at the beginning of the year.
Webinar Recording: Restaurant Industry Succession Planning
M&A activity in the restaurant industry has been robust, and with preparation, you and your business will be set up for a successful transition. Access our recording to explore trends and outlooks regarding restaurant ownership transitions.
Time To Update Your Sales & Use Tax Compliance Process
Given economic nexus, sales & use tax policies and procedures should be refreshed to ensure returns are being properly filed and taxes are appropriately paid. Click here for insight from our SALT Director regarding outsourcing, software options, and more.
Our address is 230 West Street, Suite 700, Columbus, OH 43215
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GBQ Partners LLC, 230 West Street, Suite 700, Columbus, OH 43215, 6149475301
