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Tag: Restaurant

Get Ready to Apply for the Restaurant Revitalization Fund

Written on . Posted in American Rescue Plan, Financial Planning, General Business, Small Business, Stimulus Package.

By Ilya Brodetskiy, Ilya Brodetskiy, CPA, MST, Senior Tax Manager In January, Congress passed the American Rescue Plan Act of 2021, landmark legislation designed to help U.S. residents and businesses stay afloat in the midst of the ongoing coronavirus pandemic. One under-reported element of the plan is the establishment of the $28.6 billion Restaurant Revitalization Fund (RRF), to be administered by the U.S. Small Business Administration (SBA). This program will offer tax-free...

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IRS Serves Up Savings With the 45(B) Tax Credit

Written on . Posted in Food & Beverage.

By James Jenco If you own a food and beverage establishment, you might be overpaying the IRS in payroll taxes. That could be the case if you’re not taking advantage of IRC 45(B). This rather little-known federal tax deduction could save you hundreds or even thousands of dollars a year, depending on the size of your tip-eligible workforce. Here’s how it works. Taxing Issues As you probably know, it’s your responsibility to pay the employer withholding tax on the FICA and Medicare...

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