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Tax Considerations When Paying Artists in Your Restaurant, Bar, or Nightclub
When paying a DJ, musician, comedian, or other performer in your restaurant, bar, or nightclub, there are a variety of forms you need to request, prepare, and file with the IRS. Sometimes, you may also...
View Article2024 Guide to Filing Restaurant Taxes
Looking for better tax-saving strategies for your restaurant? The 2024 Guide to Filing Restaurant Taxes: Tips and Tricks, hosted by TouchBistro, is here to help! Rather than simply explaining how to...
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How to Set Up Bar Consumables in MarginEdge
You’ve set up Marginedge and have begun uploading invoices. Maybe you have even set up recipes and are tracking actual vs theoretical usage. In doing these things, you have modernized your bookkeeping...
View ArticleDepreciation and Fixed Assets Policy for Restaurants and Bars
If you’re frustrated by a massive depreciation expense throwing off your restaurant’s P&L, this article is for you. CPAs commonly record tax depreciation in their clients’ books so that the tax...
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Profits Interest: Tax Free Equity in a Restaurant Partnership
If structured effectively, issuing sweat equity can reward and incentivize employees in a restaurant group. However, when the equity in an LLC (taxed as a partnership) is granted, the value of that...
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The NOL and Excess Business Loss Limitations for Restaurants
Gone are the days when you could freely generate a loss for a restaurant using bonus depreciation and then offset your other sources of income using those losses. The losses you can claim from your...
View ArticleHow to Issue and Account for Employee Advances in Your Bar, Restaurant, or...
As much as we try to avoid them, employee advances are inevitable in restaurants, bars, and nightclubs. An employee advance is an advance towards an employee’s pay deducted from future paychecks....
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DC Ballpark Fee for Restaurants
DC already has unfavorable taxes for restaurants – they charge a minimum gross receipts tax, don’t recognize pass-through entities for nonresident partners/shareholders, impose a sales tax on service...
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Financial Document Retention for Restaurants & Bars
The number of documents that restaurants and bars need to handle is overwhelming. You are constantly hammered with invoices, receipts, statements, operating agreements, leases, licenses, liquor board...
View ArticleDC Small Retailer Tax Credit for Restaurants, Bars, and Nightclubs
DC restaurants, bars, and nightclubs with less than $2.5m in sales can receive a $5k tax credit annually. This is a dollar-for-dollar refundable tax credit, not just a tax deduction. So even if you...
View ArticleThe Economics Behind the Soft Serve Craze
Last month, the New York Post published an article highlighting the shift towards serving fancy soft-serve as a cost-cutting dessert option in some of the most acclaimed higher-end restaurants. As...
View ArticleThe Ideal Tax Structure for Restaurant Real Estate
If you own the real estate for your bar, restaurant, or nightclub, you have likely been advised by your lawyer or accountant to place it into a separate LLC. There are many legal and tax advantages to...
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Is a 4-week Reporting Cycle Ideal For Your Restaurant Or Bar
You are likely using the traditional Gregorian 12-month calendar to plan vacations, celebrate holidays, pay rent and mortgages, and plan your daily life. It’s the calendar you were raised with and are...
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Reporting Calendars Used by the Nation’s Largest Restaurant Groups
If you’re a restaurateur or bar and nightclub owner, you may already know all the benefits of a 4/4/5 or 13 x 4 week period calendar for financial reporting purposes. If not, you can check out our...
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Track Daily Prime Costs in Marginedge in 2 Steps
Prime costs as a percentage of sales is the most controllable and impactful key performance indicator (KPI) in any restaurant or bar. COGS and labor alone are not good profitability indicators because...
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Restaurant Self-Rental Traps and Benefits
Do you own the real estate for your restaurant, bar, or nightclub? If so, you probably keep it in a separate LLC and file a separate tax return. If not, please check out The Ideal Tax Structure for...
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A Complete Guide to Restaurant AP Internal Controls
If you want to grow and manage a fast-growing multi-unit restaurant group, you need a systemized purchasing and payment process that allows you to delegate while maintaining segregation of duties and...
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Managing Card Spend and Controls in a Restaurant Group
As a growing restaurant group, you want to systemize your operations so that you can scale and grow quickly. Yet, you still need agility in purchasing because you’re in a fast-paced industry, and...
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The Ideal Retirement Benefit Plan for Restaurant Groups
The restaurant and food industry are behind other industries in offering retirement plan benefits to employees. Plan participation is the lowest of all industries, and average account balances place...
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Retirement Plans Tax Credits for Restaurant Group
In the Ideal Retirement Benefit Plan for Restaurant Groups, we summarized how a 401(k) is the most suitable retirement benefit plan for restaurants. In this article, we’ll summarize the tax credits...
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