With operational disruptions, government restrictions, labor shortages, and other challenges, restaurants have been one of the hardest-hit industries during the COVID-19 pandemic. The rise of digitally enabled ghost kitchens — typified by lean operations without any on-site dining option — is a testament to the restaurant industry’s ability to pivot.
5 Steps to Begin – or Enhance – Your Data Privacy Strategy
Millions of people are unaware of how their personal data is being collected, used, or shared in an increasingly digital society. As a business, it’s more important than ever to have a data privacy strategy to protect customers and employees and remain compliant with applicable regulations.
Pooled Employer Plans: What’s New, What You Need to Know
Beginning January 1, 2021, pooled plan providers could start Pooled Employer Plans (PEPs), which Congress created to expand access to retirement benefits by allowing companies in unrelated industries to participate in a multiple employer plan (MEP). A little more than one year later, here’s what you need to know…
Is Your Business Leveraging These Tax Breaks?
As we move beyond the 2021 tax filing season, small businesses and self-employed taxpayers should be certain to take advantage of all of the tax deductions and opportunities available to them. The following are 10 top tax breaks for small businesses and business owners to keep in mind when finalizing their tax returns for 2021 and planning for 2022.
Supply Chain Disruptions Weighing on Restaurants’ Food and Product Inventory
The emergence and persistence of supply chain disruptions continue to weigh on restaurants’ ability to stock their shelves and maintain their menu variety. Though these interruptions have come in many forms throughout the years, one major disruptor has been the lasting impacts of the COVID- 19 pandemic.
Navigating the IRS Backlog
The start of a new tax filing season often brings with it longer hold times with the IRS, as taxpayers and their tax preparers inundate phone lines with questions and concerns. But the 2022 filing season promises to be particularly challenging…
Restaurant Serving Up Supply Chain Solutions
More than two years into the COVID-19 pandemic, supply chain disruptions have taken many forms spanning all industries — including restaurants. At the top of their list of challenges are food, supply and labor shortages that weigh on consumer prices, the dining experience, and talent retention.
3 Ways to Protect Your Business from Fraud and Scams
Business owners spend a lot of time and effort ensuring their operations run smoothly, from delivering quality goods and services to providing accurate financial statements and tax returns. Yet one scammer going after your company can bring it all down, harming your reputation and your revenue…
IRS Offers New Details to Prepare Schedules K-2, K-3
The IRS has provided an additional exception for qualified domestic partnerships and S corporations to file their schedules K-2 and K-3 for tax year 2021 to further ease the transition to these new schedules. The new schedules standardize international tax information to partners and flow-through investors while clarifying obligations and standardizing the reporting format…
Are Gift Cards Really a ‘Gift’ for the Restaurant Industry?
Given the popularity of gift cards among both issuers and recipients, restauranteurs should understand the pros and cons of selling and issuing gift cards.