Understanding the passive activity loss rules
Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess of their income. You cannot deduct the excess expenses (losses) against earned […]
Keep all records related to PPP loans and forgiveness application
“Uncertainty” is a word that defines the era of coronavirus, but there is one thing that is certain: You must keep documentation of everything you do. Guidance continues to emerge, and more legislative changes have been made to the Paycheck Protection Program with the PPP Flexibility Act. How this will impact your loans or your […]
Buy a new restaurant? Make sure POS machines registered to you
Every sale counts now more than ever, so it is imperative that McDonald’s owner/operators keep a sharp eye on their cashless accounts to detect any anomalies. We have seen a growing number of instances where an incorrect merchant ID number is logged in a cash register or self-order kiosk, resulting in cashless deposits being deposited […]
Work Opportunity Tax Credit extended through 2020
If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC). The WOTC was set to expire on December 31, 2019. But a new law passed […]
Using credit cards for food, paper costs does not add up
Purchases of food and paper is a significant and ongoing expense for restaurant owners, so it is natural that McDonald’s owner/operators would be looking for alternative ways to pay for the product without compromising cash flow. American Express offers a program that at first glance would appear to offer some valuable perks. For instance, it […]