Tips are discretionary (optional or extra) payments determined by a customer that employees receive from customers. Tips include: Cash tips received directly from customers. Tips from customers who leave a tip through electronic settlement or payment. This includes a credit card, debit card, gift card, or any other electronic payment method. The value of any […]
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Successfully operating a restaurant takes grit and passion. We don’t have to tell you that it’s hard work. But rather than focus on the myriad challenges, let’s talk about taxes: Specifically, who must pay restaurant trust fund taxes? Many operators don’t understand until it’s too late that sales-and-use taxes and payroll taxes are trust fund
5 Things Restaurant Operators Must Know about Taxes and Personal Liability Read More »
From sit-down steakhouses grilling up delicious ribeyes to ice cream shops offering the sweetest variety of flavors in town, there are all types of restaurateurs out there who want to make their customers happy through the high-quality food and beverages they serve each day. Despite the numerous expenses that come with the territory in the
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f you run a restaurant or work in the restaurant industry, you may be wondering how the Republican tax plan, now signed into law by President Donald Trump, affects you. Now that some clarity is emerging on what the new provisions mean, Restaurant Insider spoke with tax experts and accountants to find out which aspects of the Tax Cuts
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How Much Are Restaurants Taxed? Restaurants get taxed on multiple fronts, like any other business. Depending on how profitable the restaurant is, where it’s located, how big the property is, and how many employees they have, restaurants can be taxed tens of thousands of dollars per year. Federal Income Tax All business owners have federal
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Oregon offers globally competitive incentives to encourage business expansion. Property Tax Abatement Enterprise Zones—In exchange for investing and hiring in an enterprise zone, businesses receive exemption from local property taxes on new plant and equipment for at least three years (but up to five years) in the standard program. In addition, many zones can offer
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A consumption tax is a tax on the purchase of a good or service. Consumption taxes can take the form of sales taxes, tariffs, excise, and other taxes on consumed goods and services. A consumption tax can also refer to a taxing system as a whole in which people are taxed based on how much
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State sales tax bases have two key areas in need of improvement: in some ways, they are too narrow, and in other ways, they are too broad. State sales tax bases have narrowed over time as new exemptions have been created, such as exemptions for groceries and prescription drugs. Another factor contributing to the shrinking of
Does Your State Tax Manufacturing Machinery? Read More »
Corporate tax planning and tax savings opportunities can have an immediate and meaningful impact on the finances of today’s manufacturing firms. Balancing daily operations and long-term strategy is at the forefront of every chief financial officer’s mind, and in a business environment that is often riddled with a multitude of daily challenges and high demands
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The $1.5 trillion tax reform legislation known as the “Tax Cuts and Jobs Act” (TCJA) represents the biggest change to the tax code since 1986. While the implications for businesses are broad and complex, we’ve summarized some of the most common tax reform questions for manufacturers: What are the top issues manufacturing companies need to know about tax reform?
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