You shouldn't run personal expenses through your restaurant for multiple reasons, but here are the top 5:
Author Archives: Raffi Yousefian
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
If you are one of the fortunate restaurants that received cash from the RRF, PPP, EIDL, ERC, or some combination thereof, then you are probably wondering how and when you can (1) use this cash to strategically and efficiently grow your restaurant, (2) pay the least amount of taxes as legally possible, and (3) not
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 restaurant accounting. Before we dive in, let’s understand the purpose of restaurant accounting and the options that are out there. The purpose of
The Employee Retention Credit (ERC), which was originally included in the CARES act has come a long way. We have followed it through good, bad, and the ugly until we decided it’s about time, this baby deserves a post of its own. Before Stimulus 4.0 passed in December 2020, the ERC wasn’t allowed for PPP
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