News & Resources

Restaurant Revitalization Fund

  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

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Restaurant Retention Credits

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

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Restaurants, Bars and Breweries: Responding to COVID-19

  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

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Boston Bruins Win Big Against IRS

  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

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Distinguishing Between Tips and Service Charges

  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

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2016 Tax Planning for Restaurants

  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

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Questions Brewery Owners Should Ask Their CPAs

  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

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Tax Breaks for Brewpubs

  Owning and operating a brewery can be an expensive business, from the cost of maintenance and ingredients for brewing the beer, to employee compensation and everything in between.  What can breweries brewing their own beer do to help keep

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Start Your Engines

  Did you know approximately 300,000 guests attend the Indianapolis 500 every Memorial Day weekend? As we approach the 100th running of this monumental event, let’s see how the State Tax Department financially benefits from the greatest spectacle in racing:

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