The 5 Basic Restaurant Accounting Concepts That Will Help You Run A More Profitable Business

By | July 9th, 2019|Categories: Uncategorized|

Kontabilitetit. Uhasibu. Redovisning. Comptabilite. Apskaita. As hard as these words are to understand, the concept they all translate to can be even harder to grasp… We’re talking about accounting. Not everyone speaks fluent accounting… especially not busy restaurant managers. But knowing the basics of restaurant accounting can pay dividends in helping you understand your accountant better and Read more

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Payroll Compliance Legislation and Common Mistakes

By | July 9th, 2019|Categories: Uncategorized|

When you run payroll, you must comply with payroll and labor laws. Brush up on payroll compliance legislation and common compliance mistakes so you can accurately run payroll without fear of penalties. Payroll compliance legislation All employers must follow payroll compliance legislation. While it might seem like a burden, it’s extremely important. Why is payroll compliance Read more

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New W4 form

By | April 22nd, 2019|Categories: Uncategorized|

Representatives attended the National Public Liaison meeting and were updated on the much-anticipated Form W-4 redesign. Victor Aledo, Acting Director, Tax Forms & Publications, Wage & Investment, shared the planned timeline for the rollout of the updated form. “Our goal is to give something taxpayers can relate to and understand,” said Aledo.   The draft will Read more

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Research Online Unclaimed Federal, State Taxes, Wages And Money Owed You

By | November 14th, 2018|Categories: Uncategorized|

Life Insurance VA Life Insurance Funds– Search the U.S. Department of Veterans Affairs (VA) for unclaimed insurance funds that are owed to certain current or former policyholders or their beneficiaries. Note: This does not include funds from Servicemembers’ Group Life Insurance (SGLI) or Veterans’ Group Life Insurance (VGLI) policies from 1965 to the present. Retirement Pensions from Former Employers– Search Read more

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Foreign Accounts Call for Specific Reporting Requirements

By | November 14th, 2018|Categories: Uncategorized|

In an increasingly globalized society, many people choose to open offshore accounts to deposit a portion of their wealth. When doing so, it’s important to follow the IRS’s strict foreign accounts reporting requirements. In a nutshell, if you have a financial interest in or signature authority over any foreign accounts, including bank accounts, brokerage accounts, mutual Read more

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Your FICO Score Defines Who You Are

By | July 18th, 2018|Categories: Uncategorized|Tags: , |

In my role as a financial adviser to small business owners I seldom ask my clients “ How are you”? This traditional greeting has been replaced with a more meaningful greeting -“How is your credit,” or “What is your FICO score?” The client’s response allows me to evaluate realistic options for obtaining the capital needed for Read more

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Treasury Announces New Form 1040

By | June 22nd, 2018|Categories: Uncategorized|

New form is a postcard Treasury Secretary Steven Mnuchin announced yesterday that a new Form 1040, roughly the size of a postcard, will be unveiled as early as next week. Changes to the tax law under the Tax Cuts and Jobs Act will make filing taxes simpler for many taxpayers, thus eliminating the need for the Read more

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IRS Wants Electronic Filing But Is Harsher On Penalties Than With Paper Filers

By | May 11th, 2018|Categories: Uncategorized|Tags: , |

Should electronic filers be held to a higher standard than paper filers? That is how attorney Douglas Greenberg may be framing the appeal of the recent District Court decision in the case of John Spottiswood. Magistrate Judge Maria-Elena James ruled that Mr. Spottiswood's penalties for late file and late pay of his 2012 return (0ver $130,000) Read more

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How much does the average American pay in taxes? It depends

By | April 26th, 2018|Categories: Uncategorized|Tags: , |

The 2018 U.S. tax deadline is now behind us, which means that many Americans have now received, or will receive, their tax refunds, while others have now written checks to the IRS for the amounts they owe. With that in mind, how much does the average American household pay in taxes? And keep in mind that Read more

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When is an entertainment an expense?

By | April 20th, 2018|Categories: Uncategorized|Tags: , |

The tax rules related to meals and entertainment have changed, and left some uncertainty in the gap between the old law and the new. Before the Tax Cuts and Jobs Act, the deduction allowed for entertainment expenses was limited to 50 percent of the amount otherwise deductible. Under the TCJA, the deduction for entertainment is completely Read more

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