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COVID-19-Related Government Budget Deficits May Spur Aggressive Payroll and Sales Tax Audits 

Modern Restaurant Management

Although the IRS and state taxing authorities have initially slowed their pace of audit activity to protect the health and safety of their own employees during these turbulent times, this is only temporary. Restaurants should consider maintaining guest receipts and daily point of sale printouts detailing individual sales transactions.

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New PPP Loan Insurance Covers Food Service Establishments if the SBA Later Finds They Were Ineligible for the PPP Loan Program

Modern Restaurant Management

Consider PPP loan insurance to cover damages, legal fees and fines if the SBA determines that your business was ineligible for the loan. What most recipients don’t realize, though, is that the SBA has a six-year window in which to audit a PPP loan recipient’s initial application for the loan. triple) damages.

Insurance 136
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Ultimate Restaurant Payroll Guide 2023

7 Shifts

Updating your payroll records in case of an audit. In conjunction with charge tips on checks, weekly payroll provides audit transparency regarding direct and indirectly tipped employees. Health insurance plan opt-in forms. Deductions for benefits like health insurance, 401(k), dental, vision, etc. Withhold 6.2%

2023 195
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7 Common Restaurant Payroll Mistakes

7 Shifts

Then, out of the blue, these labor audit folks showed up, and man, did they find a heap of issues. And the audit was a pain in the neck—he had to dig out all sorts of paperwork and answer a million questions, which ate into the time he should have been spending running his place.

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Ultimate Restaurant Payroll Guide 2021

7 Shifts

Updating your payroll records in case of an audit. Health insurance plan opt-in forms. Federal Insurance Contributions Act (FICA) taxes : Employees and employers split paying into Social Security and Medicare. Deductions for benefits like health insurance, 401(k), dental, vision, etc. Forms for any other benefits plans.

2021 370
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For Restaurant Owners, Cybersecurity is a People Problem 

Modern Restaurant Management

Restaurants, in particular, often fit the bill for fees and penalties, forensic audits to find out what happened, remediation costs, breach notification, lawsuits, brand damage and more, according to the National Restaurant Association. When these costs begin to pile up, it can be devastating for owner/operators.

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Essentials of Payroll Accounting for Restaurant Groups, Part 2

Restaurant365

No matter what laws your restaurant group falls under, it is beneficial to prioritize recordkeeping and audit trails to demonstrate compliance with labor and pay regulations. The ACA requires employers to offer full-time employees compliant health insurance coverage and document this offer for the IRS. Conclusion.