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Hospitality Industry FAQs (COVID-19)

General Industry GuidanceRestaurant GuidanceLodging / Hotel Guidance What kind of relief is available for employers and employees? Visit ORLA’s web page on Relief Available for Employers and Employees. What will reopening look like for Oregon and for our industry?  The Governor has released guidance on phase one reopening for restaurants and general guidance for employers. Counties will be able to submit their …

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Bar & Hotel Accounting: How to Keep Accounting Records for your Hotel or Bar

Restaurants and bars get by on very thin profit margin so it is important to keep proper accounting records to improve their odds of success. Good records and bar accounting can tell you where your business is doing well and where it isn’t but you need an efficient system to record and track all the …

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State Lodging Tax

On March 3, 2016, Oregon lawmakers passed HB 4146, which increased the state transient lodging tax from 1 to 1.8 percent for four years effective July 1, 2016 and then effective July 1, 2020 reduces the state transient lodging tax from 1.8 to 1.5 percent. The legislation directs 20 percent of the state transient lodging tax …

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3 of the Biggest Issues facing Restaurant and Hospitality Sectors

Restaurant and hospitality (R&H) sectors are faced with three main challenges as a result of COVID-19 disruption: Closure of part or all of existing location operations, leading to tremendous reduction of revenue and traffic Resulting unemployment spike and its subsequent impact on the overall US economy Concept and location fiscal survival We’ll delve into the …

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Legislation Clarifies Transient Occupancy Tax Requirements for Online Travel Companies

As the popularity of online travel companies (OTCs) such as Expedia, Travelocity, and Orbitz continues to increase, many municipalities are rewriting or clarifying transient occupancy tax regulations for short-term rentals. This clarification responds to legislation loopholes and ambiguities in the ways OTCs remit taxes. Because the methods OTCs use to deliver services can complicate tax …

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Tax Planning Now Can Make a Big Difference in your 2020 IRS Filing

When it comes to taxes, it’s never too early to start planning. Although 2019 isn’t quite over yet, planning for tax season now can give you a big advantage when it comes time to file. Here are a few key ways to make tax filing smoother come 2020. 1. Re-consider your retirement account contributions, and …

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Financial Statement Preparation and Analysis from Your CPA

When they think about working with an accountant, most small business owners think about taxes. But accountants provide a host of more comprehensive and helpful services than just tax preparation. One of the most helpful of these services is financial statement preparation and analysis. Accountants offer three levels of service in the preparation and analysis …

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10 Reasons You Should Hire a Bookkeeper for Your Startup

Consider a scenario where your startup is on its way from idea to formal business. There are many, many things to think about and consider. And one of them may just include that all-important decision of when to bring in outside experts to assist you with some of the operational functions that go into running a business. …

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3 Business Valuation Methods-How to Determine What a Company Is Worth

A business valuation is a way to determine the economic value of a company, which could be useful in several situations. For example: You may need to sell the business due to retirement, health, divorce, or for family reasons. You may need debt or equity financing for expansion or due to cash flow problems, in …

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The Accountant’s Role in Estate Planning and Administration

It seems that most articles on introductory estate planning cover the basic techniques of estate planning and administration, but fail to discuss how to begin practicing in this field, and what the role of the accountant might be. This article will hopefully provide you with a practical guide to getting involved in estate planning and …

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