More and more businesses rely on marketplace facilitators to put their products in front of customers. But what exactly is a marketplace facilitator? And if they are selling your goods, who's paying the sales tax? Brandon Mills, CPA answers these…
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Tip definition Tips are optional payments that customers make to employees who perform services. They can be cash…
It’s no secret that many employees struggle with making their funds stretch until to payday. Earned wage access (EWA) is an employee benefit that has emerged in recent years as a way for employees to meet their financial needs in…
The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated taxes…
For 2021 and 2022, your Uncle Sam has increased the tax deduction for business meals from 50% to 100% for food and beverages provided by a restaurant – including the tip, sales tax, and any delivery fees. This win-win for…
If you’re self-employed and travel for business, your spouse might travel with you. Are their travel expenses tax deductible? The short answer? Probably not, unless your spouse is an employee of your company. If that’s the case, their travel costs…
Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000. The PPP program stopped accepting…
Program Details The Restaurant Revitalization Fund (RRF) will provide grants of $28.6 billion to restaurants and bars that experienced lost revenue in 2020 as compared to 2019. Organizations with fewer than 20 restaurant units are eligible for RRF grants. If…
While the reporting deadline for unclaimed property varies by state, many have a November 1 deadline. Nothing to worry about yet, right? Think again. You should be taking steps soon, but first, let's take a step back for a quick…
The pandemic has adversely affected many sectors of the U.S. economy, causing widespread job losses. At the start of the national emergency, Congress created a novel tax break — the Employee Retention Tax Credit (ERTC) — to entice employers to…
Restaurants, food stands, caterers, wineries, distillery owners and others are crossing their fingers that they can get a chance at the Restaurant Revitalization grants, a new $28.6 billion program for eligible entities to receive a grant equal to the amount…