Q: Is my SBA loan through the CARES Act forgivable? And what do I need to do to stay compliant with federal requirements governing my loan? A: Yes, the Paycheck Protection Program (PPP) loan is forgivable if you follow the actual intent of the law and interpretations that have been … More
Accounting For Your Money
What You Need to Know About Filing for an Extension on Your Taxes
Q: I filed for an extension on my taxes this year, but I was surprised to realize I still had to send the IRS a check. How does the extension work? A: Some people get confused about what it means to file for an extension on their income … More
Accounting For Your Money
Should You Be Buying New Equipment Before the Year Ends?
Should I buy more equipment under the new tax law before the year ends? The short answer is, as always, it depends. But here are some basics about the new tax law. First, businesses can immediately expense more under the new law, which increases the maximum deduction from $500,000 … More
Accounting For Your Money
What to Do When You Get a Letter From the IRS
If there was a contest for the most dreaded piece of mail, letters from the IRS would win, hands down, every time. These unassuming envelopes have most people yelling profanities before they even begin to tear the paper to reveal what’s inside. The good news is, there are many reasons that the IRS and … More
Accounting For Your Money
Pizzeria owners: Beware of the credit card “liability shift”
Q: What’s the deal with EMV and the so-called “liability shift”? A: EMV, which stands for Europay, Mastercard and Visa, is the global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. The nationwide EMV migration is well underway, with banks issuing … More
Accounting For Your Money
What you need to know about the new tax law
Q: What do I need to know about the new tax rules? A: Congress enacted the biggest tax reform law in 30 years, one that will make fundamental changes in the way you and your business calculate your federal income tax bill and the amount of federal tax you … More
Accounting For Your Money
Data breaches: A restaurant operator’s worst nightmare
Q How secure is my POS data, and how can I best protect it? A You’d probably be amazed at how easily a hacker can break into your POS system. With that in mind, the IRS recommends that small businesses follow these five steps to protect their data: 1) Identify … More
Accounting For Your Money
Develop a System to Calculate Your Pizzeria’s Net Sales Figure
Q: My CPA never seems to be working with the correct net sales figures. How can we solve this problem? A: At tax time, there’s one daily number on which the owner and the accountant must always agree: net sales. This figure, usually generated through the POS system, serves as … More
Accounting For Your Money
Feeling stressed and burned out? Maybe it’s time to slow down and ask for help.
Q I’m overwhelmed. Where do I turn for help? A It took a strong ego to start your business. It also takes a strong ego to ask for help. So many restaurant operators bear the entire operation on their shoulders and eventually can’t handle the workload. It takes … More
Accounting For Your Money
Spring cleaning: It’s time to organize your back office—and keep it organized
Q My back office is a mess. How do I get it organized? A As an accountant who works with restaurant owners nationwide, I often sit in their back-of-the-house offices. It’s typically a 4’-by-4’ space that also serves as a broom closet and a break room. It’s packed with security … More
Accounting For Your Money
How to better manage your restaurant’s payroll in 2017
Q How can I prepare for possible changes to my payroll when the new president takes office? A Payroll is probably the biggest line item in your profit-and-loss statement, and you should expect more changes to this part of your operation than any other in 2017. If President-elect Donald Trump … More
Accounting For Your Money
As 2017 nears, it may be time to start reconciling your pizzeria’s accounting records
Q How do I reconcile myself and my business to any new changes under a new president? A With a new president in office and the changes in Washington, we should anticipate changes to the tax code to pay for new programs, if any, that get implemented. Whether … More