The Small Business Administration (SBA) has released dates to register and apply for the Restaurant Revitalization Fund (RRF). Registration for the SBA application portal will begin on Friday, April 30, 2021, at 9 am ET. Applications will open on
The Restaurant Revitalization Fund was created to provide funding to help restaurants impacted by Covid-19. The program will provide restaurants with funding equal to their pandemic related revenue loss up to $10 million per business and no more than
The U.S. Small Business Administration (SBA) is targeting early April to launch a phased rollout of the $28.6 billion Restaurant Revitalization Fund (RRF), a senior SBA official testified during a Senate Small Business Committee hearing. The American Rescue Plan
Do you run or manage a restaurant or any other related business and had less than 100 full time employees, that took a significant hit to revenue in 2020? Then there is a strong likelihood you qualify for the employee
Business taxes, including sales, withholding income, food and beverage, county innkeeper’s and heavy equipment rental excise tax remain due on the standard due dates as listed on Indiana Department of Revenue’s website. Interest and penalties will apply if filing and payment
Somerset’s restaurant leadership team put together a bullet point list of helpful suggestions to communicate to your restaurant clients to help them navigate these unchartered waters: Check your state and local government for availability of disaster loans Sell gift
In IRS Notice 2018-76, the IRS has provided guidance on the deductibility of expenses for business meals that are purchased in an entertainment context. The notice also announces the IRS intends to publish proposed regulations on the subject. Until
Entertainment and Other Expenses Under the Tax Cuts and Jobs Act (the Act), no deduction is allowed for entertainment, amusement or recreation activities, facilities, or membership dues relating to such activities or other social purposes. Although extremely limited, the only
Earlier this month, the Boston Bruins scored a victory over the Internal Revenue Service when they won the argument teams should be able to deduct 100% of the cost of certain meals provided to players and staff. Under current
The IRS has issued a fact sheet to remind employers that so-called “automatic gratuities” and any amounts imposed on the customer by the employer are service charges, not tips. Some examples of service charges include automatic gratuities for large
As 2016 has come to an end, taxpayers need to be proactive in year-end tax planning. The Protecting Americans from Tax Hikes Act of 2015 (PATH Act), was signed into law in December 2015 and made many changes that
Do you own a brewery and have a question that you think may be outside of your CPA’s scope of knowledge? Do yourself a favor and contact Somerset as we have dedicated professionals focusing on the accounting needs of
