How To Choose The Best Accounting Service For Your Restaurant or Bar
While there are numerous considerations when choosing the right accounting service for your restaurant or bar, these four guidelines will help ensure you’re on the right path to begin your search. 1.  Determine your specific business needs and goals There are various options a restaurant operator can review when it comes to choosing an accounting […]
Restaurant Revitalization Fund (RRF) Updates
In the wake of the COVID-19 pandemic, restrictions on gathering and other crowd control measures had a huge impact on restaurant owners. As a result, the U.S. Congress introduced legislation called the Restaurant Revitalization Fund (RRF) to help restaurants get back on their feet. The unfortunate outcome however was that the demand for the funds […]
Year-End Restaurant Treasury Focus: CARES Act Changes & NOL Carrybacks
Many businesses struggled to turn out a profit or even mitigate losses throughout 2020. Fortunately, the government passed various articles of legislation within the last year in order to help businesses start on the path of financial recovery. During this episode of The Tip Share, RASI Compliance Director, Brian Smith, walks RASI New Business Strategist, […]
PPP Changes & The Definition Of Non-Payroll Expenses
Podcast Video The Economic Aid Act, which was part of the Consolidated Appropriations Act, expanded the definition of non-payroll expenses that are eligible for PPP forgiveness to include operations expenditures. These newly added categories are set to help restaurants in a large way. RASI Compliance Director, Brian Smith, has compiled the top questions about the […]
The Restaurant Revitalization Fund – What You Need To Know
What is The Restaurant Revitalization Fund? The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 […]
Is Your Restaurant Missing Out On Beneficial Tax Credits?
Over the last year, we’ve seen several government programs designed to assist the restaurant industry with grants and loans. For many years prior, however, there’s been a highly underutilized offering of tax credits for hiring and employing certain groups of individuals. In the post, learn more about the Work Opportunity Tax Credit, most commonly referred to […]
How Your Restaurant’s Website Can Drive More Revenue
It’s no secret that the global pandemic has created a fundamental shift within the restaurant industry. Having an online presence in the last 5+ years has been important. Now, commanding a digital presence is not just important; it’s critical for survival. The future of the industry in a COVID-safe world heavily relies upon technology. Additionally, […]
Colorado Emergency Declaration Requires an Additional 80-hours of Paid COVID Leave Under the Healthy Families and Workplace Act in 2021
WHAT IS THE LAW? Under the Healthy Families and Workplace Act (HFWA), which became law July 14, 2020, an employer is to provide 80-hours of supplemental paid leave as of the date a public health emergency is declared. Executive Order D 2020 268 was signed December 3, 2020 by Governor Jared Pollis, which extended the […]
Retroactive Employee Retention Tax Credit
UPDATES TO THE RETROACTIVE EMPLOYEE RETENTION TAX CREDIT UPDATE (1/27/21): The IRS has released new guidance regarding claiming the retroactive ERTC. Unfortunately, the new guidance requires more granular data. On January 22, 2020 the IRS published guidance that indicated employers claiming the ERTC on Q4 941 for Q1, Q2, Q3, and Q4 can only do so […]