Connections for Success

Restaurant

03.19.18

The Impact of Tax Reform on Restaurants
Kenneth Kobiernicki

The Tax Cuts and Job Act of 2017 is the most dramatic change to the U.S. tax code in over 30 years. Tax reform will have a significant impact on both restaurants and employees. On the surface, it appears that the lower tax rates will result in increased demand from consumers who will have more […]

11.27.17

Sugar Tax Set to End While Federal Tax Reform Looms
Christofer Georgiou

Cook County Sweetened Beverage Tax Ordinance This past summer, the Cook County Sweetened Beverage Tax Ordinance went into effect after challenges and attempts to halt the tax’s implementation. The tax impacted retail sales of sweetened beverages by charging a rate of $0.01 per ounce on such purchases. However, the tax lasted only a few months […]

08.28.17

The Cook County Sweetened Beverage Tax is Bad for You – Just Like Sugar
Robert Swenson

Back in November of 2016, the Cook County Board of Commissioners passed the Cook County Sweetened Beverage Tax Ordinance. The tax is imposed at the rate of $0.01 per ounce on the retail sale of all sweetened beverages in Cook County. The tax was originally intended to go into effect July 1, 2017, but was […]

05.25.17

Is Your Restaurant Ready for a Second (or Third) Location?
Robert Rifkin

Are you thinking about expanding your restaurant? Is now the time to open a second location? Opening a second (or third) location for your restaurant is not a decision to be taken lightly. This article provides a few considerations restaurant owners should take before they map out their move for expansion.

04.28.17

City of Chicago Extends Amusement Tax to Satellite TV Services
Anthony Didato

Over the past few years, the City of Chicago and Cook County have enacted two new taxes that directly impact restaurants and bars. Last fall, we reported on Cook County’s penny-per-ounce tax on sales of sugary drinks, which will take effect on July 1, 2017. On the entertainment front, the City of Chicago’s “Amusement Tax,” originally implemented in 2015, left many restaurateurs and bar owners less than amused, as a tax was placed on streaming services, such as Netflix, Hulu and Spotify, as well as cloud computing services to which many subscribe. Now, the City has extended that same Amusement Tax to cover satellite TV services. This article provides a play-by-play on how the tax works.

01.31.17

A Prix Fixe Serving of Best Restaurant Management Practices
Robert Swenson

Restaurant Week just arrived to showcase more than 300 Chicago area restaurants. Prix fixe menus of $22, $33 and $44 are offered for breakfast lunch and dinner. In honor of the festivities, our latest Restaurant Group blog is here to serve up a prix fixe menu of best restaurant management practices. Rather than an appetizer, main course and dessert, we will discuss regulations, finances and taxes.

12.21.16

Delivering Lessons Learned in Cuba to the Restaurant Industry
Robert Swenson

In November, I traveled to Cuba for a week-long vacation with my wife and another couple. I departed the United States with an open mind and not really knowing what to expect. The trip was a mind blowing, amazing experience that is hard to put into words. This article shares three lessons that I learned about life in Cuba and relate them to the business of running a restaurant.

11.30.16

New Tax Leaves Cook County Restaurants Feeling Unsweetened
James Pellino

As Illinois and its counties continue to look for more ways to generate revenue, local legislators have turned their attention to taxing items deemed unhealthy to its citizens. Cook County is no exception, as a new sugary drink tax was recently approved by Cook County Board members and will take effect in July 2017. This article analyzes how this tax works and its potential impact on local restaurants.

10.21.16

Is Your Restaurant Prepared for the New Overtime Rules?
Robert Rifkin

The Department of Labor’s new overtime rules will take effect on December 1, 2016. So, if you have been putting off crunching the numbers, it is time to take a hard look at your restaurant’s operations, determine the impact of the new overtime law on your bottom line and evaluate your options.

09.21.16

Best Accounting Practices for Restaurants
Thomas Pierce

While a big focus for restaurants revolves around the food, service and atmosphere, owning and operating a successful restaurant really starts with good accounting. Countless restaurants close their doors every year because the numbers were ignored or not given the attention that they deserve. While the accounting function is not the most exciting part of owning a restaurant, it is certainly one of the most important aspects that should be taken seriously. This article presents a handful of best accounting practices for owners and managers of restaurants of any size.

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