Food establishments, from fine dining to dive bars, are all five stars on the state auditor’s audit rating scale. With the numerous dizzying indirect tax rules that apply to restaurants in particular, let alone the task of actually running the restaurant, it’s not hard to see how mistakes can easily be made. And those mistakes can be costly.
In this issue of Table Talk, we're exploring key points every restaurant owner, operator, and investor should understand about indirect taxes. Let's get started!
ERC Update: IRS Issues Favorable Guidance
Last week, the IRS released Notice 2021-49 which contained clarification on several Employee Retention Credit (ERC) items, including the treatment of tips, qualified wages for related individuals, and the timing of wage disallowance deductions. Explore ERC updates by visiting us online.
Deductibility Of (Potential) Personal Expenses
Within the restaurant industry, benefits may be provided to employees or owners of the company which could be considered personal in nature. Even if potentially low in value, the deductibility or taxation to the recipient differs depending on how the benefits are classified for tax purposes. Learn more.
August 31st: State & Local Tax Webinar For Restaurants
Now that restaurant owners and operators have settled into their current mode of operation, they are realizing new gaps in their state and local tax compliance and planning. Register to join our tax experts to explore tax compliance, planning and strategies for savvy restaurant owners.
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GBQ Partners LLC, 230 West Street, Suite 700, Columbus, OH 43215, 6149475301