By David Scott Peters www.DavidScottPeters.com Restaurant operators are a resilient group, and I have a lot of hope for you and faith in your ability to get through this pandemic. However, it will take some adjustments because you can’t go back to the way you were doing things because costs will go up and
With forced closures due to COVID – 19, the restaurant industry faces a dramatic decline in revenues and an uncertain future. Restaurants and other small businesses must act now to establish a potential business interruption claim. The National Restaurant Association said economic impacts from COVID-19 on restaurants, America’s second-largest private-sector employer, could reach at
Did you know that restaurant owners are among the most high profile and common delinquent taxpayers in New York State, according to a Bloomberg BNA analysis? Sales tax rules for restaurants are complex and failure to collect and remit taxes to the state is subject to significant penalties. If you have a restaurant, here are
Food and beverage sales are subject to complex tax rules in New York. Failing to pay sales tax can lead to severe consequences. Some of the key rules businesses need to know include the following: 1. When are food and food products taxable. Generally, food and food products are exempt from sales tax under
