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
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
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:
