Author Archives: Raffi Yousefian

What You Need to Know About Services Charges vs Tips

Animation of a personified service charge chasing a man

On January 1, 2014, the IRS enforced Revenue Ruling 2012-18 which defined tips vs service charges (aka Autograt) and clarified the tax implications of each. Almost 5 years later, it seems there is still some confusion among restaurant owners, employees, and customers. Service charges are usually implemented to ensure the certainty of tips for tipped

Key Due Dates & Deadlines

June 15, 2022 2022 Q2 Federal Estimated Income Taxes due for Corporations 2022 Q2 Federal Estimated income Taxes due for Individuals 2022 Q2 State Estimated Income Taxes due for Corporations 2022 Q2 State Estimated Income Taxes due for Individuals September 15, 2022 Extended S-Corporation Income Taxes (Federal Form 1120S) Extended Partnership Income Taxes (Federal Form

FAQs

You've got questions; we've got answers. Where do you draw the line with unlimited access? What are support hours? If a team member leaves a meeting with additional work as a result of the meeting, this additional work is considered out of scope and is subject to billable support hours. The exception to this rule

How Much Does Restaurant Accounting Cost and Why?

How much does restaurant accounting cost? How much should you be paying? The short answer is, it depends. In this article, I will explain the dependencies that significantly influence the cost of accounting for restaurants. Before we dive in, let’s understand the purpose of restaurant accounting and the options that are out there. The purpose

The Restaurant Revitalization Fund (RRF)

Restaurant Revitalization Fund (RRF)

The Restaurant Revitalization Fund is long overdue, but it’s finally here. It was recently signed into law as part of the American Rescue Plan Act. The fund establishes a $28.6 billion fund that will provide grants to restaurants and similar establishments to replace the revenue they would have earned if COVID didn’t happen. Restaurants have