by Anders CPA | May 10, 2022 | Articles, Depreciation, Fixed Asset Accounting, PP&E (Property, Plant, & Equipment)
Whether you’re a new owner or considering a second location, expanding within the foodservice industry is an exciting decision, but it also comes with several items to navigate. Below are a few first steps any restaurant owner should think about before opening their...
by Anders CPA | Apr 26, 2022 | Articles, Expense Accounting, Income Taxes, Industry Accounting, Real Estate
Owning rental real estate can be a great supplemental source of income in addition to a normal day job. What is most commonly misunderstood about this type of investment is how an individual can treat the income and or losses for tax purposes. Determining your level...
by Anders CPA | Feb 28, 2022 | Articles, Expense Accounting, Income Taxes
In most restaurants and bars, employees have the potential to earn a majority of their wages in tips. To make sure this tipped income is reported for tax purposes, certain food and beverage establishments are required to file Form 8027 at tax time. Below we dig into...
by Anders CPA | Jan 18, 2022 | Articles, Auditing, Going Concern
As a follow-up to our recent Not-for-Profit Symposium, we’re looking at the new auditor’s report changes and why these matter for not-for-profits. To synchronize and better align with international reporting standards, the AICPA Auditing Standards Board (ASB) issued...
by Anders CPA | Sep 7, 2021 | Articles, Industry Accounting, Real Estate
When buying and selling properties, a 1031 exchange is a commonly used tax strategy for real estate investors. A 1031 exchange, also known as a “like-kind exchange” allows investors to roll the profits of real estate transactions into future property purchases while...
