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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Friday, September 29, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This course will discuss taxation issues unique to restaurants, including calculating and reporting tips, the enhanced deduction for food inventory, remitting sales tax, the FICA tip credit, and utilizing the employer retention credit with an emphasis on reducing taxes paid by the food industry.

Faculty

Sara L. Goldhardt
Director, State and Local Tax Services
GBQ Partners, LLC

Ms. Goldhardt has over 18 years of experience in federal and state and local tax, servicing both public and private companies in the restaurant, manufacturing, construction, healthcare, professional services and retail industries. She is GBQ’s State Income/Franchise Tax Service Line Leader in addition to overseeing the firms employment tax compliance and consulting services.

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Matthew E. Stamp
Director of State & Local Tax Services
GBQ Partners, LLC

Mr. Stamp has over 22 years of experience in state and local tax servicing clients in the restaurant, manufacturing, contracting, retail, financial and service industries. He has significant experience managing state and local tax compliance issues, performing tax technical research, assisting clients with transactional analysis and tax controversy. Mr. Stamp's practice focuses primarily on multistate sales/use taxes, income and franchise taxes, tax credits and economic development opportunities.

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Kaz F. Unalan
Director, Tax & Business Advisory Services
GBQ Partners, LLC

Mr. Unalan has over 20 years of experience providing tax compliance, consulting and planning for business and individual taxpayers. He co-leads GBQ’s Restaurant Services team and has experience in serving all restaurant segments from emerging concepts to large national restaurant chains nationwide. Mr. Unalan also has significant restaurant specific experience in mergers and acquisitions and succession planning.

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Description

Sales tax considerations are immense. With 45 states and D.C. requiring sales tax collection and local taxes, charging, reporting, and remitting these taxes is challenging. In addition to each state and jurisdiction having its tax rate, states often charge varying rates for service, tangible goods, liquor, and take-out. Missing deadlines and payments can result in significant penalties.

Restaurants--an industry with high cash sales--are often targeted by states for sales tax audits. Restaurants that do not keep good records can find themselves in a quandary during audit, including being met with varying audit techniques to ascertain tax liabilities. Owners should be particularly careful since sales taxes are trust fund taxes and carry with them the potential for personal liability.

In addition to unique challenges, significant tax benefits are available to restaurants. These businesses receive an enhanced tax deduction for food donations and a lucrative FICA tip credit. Restaurants are eligible for employer retention credit as well.

Listen as our panel of restaurant experts helps alleviate taxing issues related to restaurant ownership. They will cover how to claim the FICA tip credit, best practices for capturing and reporting sales tax and tips, and taking advantage of the employer retention credit.

Outline

  1. Restaurant taxation: an overview
  2. Reporting tips
  3. FICA tip credit
  4. Food donations
  5. Sales tax
  6. Cost segregation
  7. Pass-through entity elections
  8. Work opportunity tax credit and Employee retention credit

Benefits

The panel will cover these and other vital issues:

  • How to report and claim the FICA tip credit
  • What qualifies for the enhanced deduction for food donations
  • Which restaurants would benefit from a cost segregation study
  • Best practices for capturing and reporting employee tips

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify restaurants that may benefit from a cost segregation study
  • Determine when to file Form 8027 for tip reporting
  • Ascertain which businesses may benefit from the recent QIP correction
  • Decide when and how donating food may provide restaurants with tax benefits

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations and sole proprietorships, qualified business income, net operating losses and loss limitations; familiarity with net operating loss carry-backs, carry-forwards and carried interests.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).