Connections for Success

 

Restaurant

09.23.19

A New Recipe for Lease Accounting: How Will It Affect Your Restaurant?
Christopher Georgiou

Many restaurants rely on leasing to acquire essential assets, from physical space and furniture to kitchen and bar equipment to point-of-sale (POS) systems. If your business has a substantial number of leases, be aware that new accounting rules — which bring most leases onto the balance sheet — may have a significant impact on your […]

07.10.19

Illinois’ New Minimum Wage Law: Much More Than a Rate Hike
Thomas Pierce

Illinois recently joined the growing list of states increasing their minimum wage. On February 19, Governor Pritzker signed the Lifting Up Illinois Working Families Act (the Act), which amends the Illinois Minimum Wage Law (IMWL) to gradually increase the state’s minimum wage from its current rate of $8.25 per hour to $15 per hour by […]

05.14.19

Reaching the Tipping Point – Service Charges vs. Tips
Kenneth Kobiernicki

After much debate, the IRS determined – in Revenue 2012-18 – that automatic gratuities are service charges–not tips. This ruling, which went into effect on January 1, 2014, increased the paperwork burden and payroll tax commitment for restaurant owners.

03.07.19

Pass-Through Deduction Regulations are Good News for Restaurant Owners
Christopher Georgiou

Recently, the IRS issued final regulations on the new pass-through deduction. In general, the regulations are taxpayer friendly and will make it easier for restaurants to claim the deduction.

01.16.19

New Sales Tax Regime Casts a Wide Net
Robert Swenson

The U.S. Supreme Court’s landmark June 2018 decision in South Dakota v. Wayfair opened the door for states to impose sales tax collection obligations on out-of-state sellers without a physical presence in the state.

08.20.18

A Recipe for Online Success: Five Key Ingredients for Shaping Your Restaurant’s Social Media Strategy
Thomas Pierce

Restaurants often talk about establishing a social media presence. However, most restaurants already have such a presence, whether they know it or not. It’s likely that people are discussing your restaurant on Facebook, sharing photos of your food or decor on Instagram, and posting reviews to sites like Yelp and Foursquare.

03.19.18

The Impact of Tax Reform on Restaurants
Kenneth Kobiernicki

The Tax Cuts and Job Act of 2017 is the most dramatic reform to the U.S. tax code in more than 30 years, impacting both restaurants and employees.

11.27.17

Sugar Tax Set to End While Federal Tax Reform Looms
Christopher 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?

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.

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