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AFFORDABLE CARE ACT

The Affordable Care Act The affordable care act requires certain employers to
requires certain employers to track and report employee data. Employers will be
required to file information returns with the Internal Revenue Service. You need
to be sure your payroll and HR functions have the capability to produce the
right data.




EMPLOYEE ONBOARDING

Make the onboarding process as streamlined as possible. It's the employees first
impression of the Company's culture and professionalism. Incorporate WOTC tax
credit functions and E-Verify duties within the new hire process.Retain new hire
paperwork in a safe and secure environment. Consider a service provider to
assist in this process.


UNIFORMS

If uniforms are required by the employer, the cost of the uniform is considered
to be a business expense of the employer. If the employer requires the employee
to bear the cost, such cost may not reduce the employee's wages below the
minimum wage or cut into overtime compensation.


TIP REPORTING

Tipped employees are those who customarily receive more than $30/month in tips.
Employees must be informed in advance if the employer elects to use the tip
credit, the amount of tip credit to be claimed,and the employer must show that
the employee has been paid at least the applicable minimum wage when wages and
tips are combined.


GIFT CARDS

Restaurants should pay special attention to any gift certificates or gift cards
they issue. To be consistent with the matching principle, restaurants shouldn't
recognize revenue when they sell a gift card; they should record deferred
revenue and recognize the revenue when the owner redeems the gift card. However,
this poses another problem for restaurants, as not everyone will end up
redeeming the gift card. There lies a special exception for this situation.
Restaurants can recognize what's called "breakage revenue", if it's unlikely the
owner will redeem the gift card.


EQUIPMENT COSTS

Did you know the IRS allows a one-time write-off of new and used equipment
purchases?Through section 179 of the tax code, business can deduct the full
purchase price of equipment or software purchased or financed throughout the
year. This government incentive for businesses to re-invest in themselves
changes annually, but can be a substantial tax savings.


OVERTIME

Overtime must be paid at a rate of at least one and one-half times the
employee's regular rate of pay for each hour worked in excess of 40 hours per
week. Tipped employees who receive $2.13 per hour in direct wages are also
subject to overtime at one and one-half times the applicable minimum wage, not
one and one-half times $2.13.


EQUIPMENT LEASES

If your restaurant leases any kitchen equipment, you may want to take a closer
look at your lease terms before recording any accounting entries. Not all leases
are created equal. For a typical operating lease, you can record the lease/rent
expense every period However, if the lease contains a purchase option, the lease
term is >= 75% of the useful life or the lease payments are especially high,it
may be considered a capital lease. If so, you would record the equipment from
capital leases as assets on the balance statement.


DEPT OF LABOR COMPLIANCE

Keep abreast of your states minimum wage requirements, and plan ahead for any
increases. Deductions made from wages for cash shortages, required uniforms or
customer walk-outs are illegal if the deduction reduces the employee's wages
below the minimum wage or cuts into overtime pay.

Proudly Serving America’s Leading Brands...
 
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In today’s competitive business climate, achieving success requires a watchful
eye on your bottom line and strategic partners to help guide the way.
Outsourcing your company's back office to dedicated professionals is an
extremely effective way to significantly cut costs and keep management focused
on driving sales and other vital business functions.



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