Q Why can’t all my vendors send me invoices electronically?   A If they’re not doing so, they should be. In this digital era, we should never have to store paper invoices and financial documents—it’s incredibly inefficient. You can pay bills and make daily deposits on secure websites. Accountants make sure … More

Q What’s the best way to keep track of my expenses?   A  You need to be able to track expenses as they’re incurred. Before tax season rolls around again, you should find a good expense management tool and establish a system, documented in the employee manual, that covers … More

Q Does my restaurant qualify for the FICA tip credit?   A The IRS Section 45B tax credit is available to employers who operate a food or beverage establishment where tipping is customary and where food or beverages are served either on or off premises for consumption. Also known … More

Q What makes my restaurant valuable?   A: I have interviewed thousands of restaurant operators and employees, from waitstaff, dishwashers, chefs and owners to accountants, consultants, investors and bankers, about the qualities that third parties value most in a restaurant. One thing is certain: It’s not just about a dollar amount. Brand … More

Q How can I protect myself from identity theft?   A Identity theft is a growing problem in the United States. Criminals steal personal information to commit fraud and other crimes. According to the IRS, some thieves swipe a taxpayer’s Social Security number and use it to file a phony … More

Q I owe back taxes to the IRS and can’t afford to repay the debt. What can I do?   A  First, if you ever receive a certified letter from the IRS, that’s never a good sign, so open it immediately! Then take action and seek guidance from an accountant who … More

Q: What do I need to know about the Affordable Care Act in 2016?   A: Starting January 1, 2016, the Affordable Care Act (ACA) will offer three important hurdles for pizzeria restaurant owners if you have at least 50 full-time workers (defined as someone who works at least 30 hours … More

Q What is SaaS, or Software as a Service?   A Software as a Service allows a pizzeria operator to rent software services from a provider on a recurring contract (usually monthly) as opposed to writing a big, fat check to purchase the product up-front. SaaS typically allows for a … More

Q My pizzeria often donates gift cards in support of local fundraisers. Can I deduct these donations from our taxes?   A restaurant acting as a corporation can claim a limited deduction for charitable contributions made in cash or other property. Gift certificates and gift cards are considered cash … More

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

Q: Do you have any advice about dealing with automatic gratuities and applicable taxes?   A: I recently worked with a restaurant that underwent a tax audit covering the previous three years. The operator uses a point-of-sale (POS) system to account for his daily operations and for monthly sales tax … More

Q: I’m worried that important correspondence from the IRS may not be making it to my desk. What should I do? A: Underreporting your income will get you into serious trouble, so once the IRS contacts you about a suspected violation, you need to act quickly. I know of a … More