Archive: restaurant

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How Hospitality Owners Can Preserve Cashflow During COVID-19

The coronavirus (COVID-19) outbreak has had an immediate impact on businesses and more repercussions are to come, particularly for restaurants, hotels, food distributors, retailers, and other vendors that service the hospitality industry. Below are some potential solutions that can assist hospitality owners with cashflow in the coming months. Defer Tax Payments Both the federal and […]
March 25, 2020

Tax Credits Available to Hospitality Owners for Hiring Employees from “Targeted Groups”

As labor costs continue to rise for most hospitality owners, as well as employers in other industries, there is a tax credit available that can assist in mitigating some of the labor costs to the business owner. The Work Opportunity Tax Credit is available to business owners on qualified first- and/or second-year wages that are […]
March 6, 2020

Refundable Tax Credit For D.C. Retail Businesses

Businesses in the District of Columbia should not overlook the Small Retailer Property Tax Relief Credit. The term “small retailer” implies a narrow scope of eligible businesses, but the credit applies to more business activities than the program’s name suggests. Plus, the credit is easy to claim and refundable.  For tax years beginning on or […]
February 4, 2020

“Joint Employer” Regulations to Impact Hospitality Owners

The U.S. Department of Labor announced a final rule that interprets joint employer status under the Fair Labor Standards Act (FLSA). Under the FLSA, an employee may have one or more joint employers that will require the covered employers to pay their employees at least the federal minimum wage for every hour worked and overtime […]
January 21, 2020

Renovations Placed in Service Provide Tax Deductions for Hospitality Business Owners

As 2019’s tax year begins to wind down, restaurant, hotel, and food distribution owners have the opportunity to take advantage of a variety of tax depreciation incentives. These tax deductions can be substantial if a business owner purchases a high quantity of fixed assets or a major buildout, or if a refurbishment project for their […]
December 13, 2019

How to Value a Restaurant Business

Investors are constantly looking to purchase or buy into existing restaurants, while existing restaurant owners are always looking to sell a piece or their restaurant business. As acquisition deals are made in the restaurant industry, the main question that arises is, “How do I value the restaurant?” Since many valuation methods are available, care should […]
July 19, 2019

Wage Hike for D.C. Servers, Bartenders Gets Repealed: What Restaurant Owners Need to Know

On October 23, D.C. Mayor Muriel Bowser signed legislation to overturn Initiative 77, which would have established a higher minimum wage for service workers who rely on tips for the majority of their incomes. This move comes after the D.C. Council voted 8-5 in favor of the repeal the week prior, as well as after […]
November 6, 2018

What Does the Passing of D.C. Initiative 77 Mean for Restaurant Owners?

On June 19, 2018, also known as D.C. Primary Day, D.C. residents voted in favor of Initiative 77, which will require D.C. business owners to gradually increase pay so all workers will earn at least $15 per hour by July 2020. Initiative 77 will also change the way restaurants owners pay their tipped workers, as […]
August 6, 2018

Hotel and Restaurant Owners: Renovations Equal Tax Depreciation Deductions

As 2017’s tax year begins to wind down, hotel and restaurant owners will be able to take advantage of a variety of tax depreciation incentives. These tax deductions can be substantial if a hotel and restaurant owner purchases a high quantity of fixed assets, or if a major buildout or refurbishment project for their property is […]
November 22, 2017

How Will Minimum Wage Increases Affect Your Restaurant or Hotel Business?

While recent changes to the minimum wage have had a big impact on the restaurant and hotel industries, business owners should be aware that we expect to see another wave of increases over the next couple of years.  Staying ahead of the curve and knowing when these changes are set to occur will greatly reduce […]
September 3, 2015