Raise The Wage Act Of 2021: Exploring Restaurant Industry Impact
Federal, state and local relief in response to the pandemic has been widespread, ranging from grants to local federal programs. As we transition into the new year, discussions regarding the Raise the Wage Act of 2021 continue. Although not yet passed by Congress, the Act has the potential of creating significant change for the restaurant industry, including increasing the federal minimum hourly wage from $7.25 to $15.00, and eliminating the tip credit for servers.
To review a list of issues and considerations regarding this pending legislation, click here.
RESTAURANTS Act Reintroduced, Pending Votes
The RESTAURANTS Act of 2020, deemed a stabilization grant for independently owned restaurants, was reintroduced this year with bipartisan support. Modeled after original legislation not passed into law, there is one critical difference impacting franchise owners.
Exploring ERC For The Restaurant Industry
Recently, GBQ's tax experts hosted a webinar discussing the Employee Retention Credit (ERC) and its impact on the restaurant industry, including eligibility, calculations and its impact on PPP forgiveness strategy. We're pleased to provide exclusive access by clicking here.
Potential Tax Implications Of BWC Refunds
To ease the financial impacts of COVID-19, the Ohio Bureau of Workers’ Compensation (BWC) issued $5 billion in dividends to Ohio employers. Explore the latest update regarding the passing of SB 18 and review potential tax implications by visiting us online.
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