Restaurants are highly competitive and cyclical in nature and are significantly affected by tourism trends, the economy, and even the weather, all factors beyond anyone’s control. Because of this, many restaurants operate on a slim margin and don’t have a lot of room for inefficiency.
For assistance with projecting revenues, maintaining inventory, purchasing restaurant equipment, and tax planning, it’s vital to use a CPA firm that understands the financial and tax challenges faced by businesses in the restaurant industry.
Bucknam & Conley CPAs has been serving restaurant clients for decades and can help you with industry-specific matters such as employing tipped employees, selling gift certificates, government tax incentives, and utilizing tax credits such as the R&D and employer FICA credits. We have an in-depth knowledge of the repair regulations, deductibility of expenses, and Qualified Improvement Property. We can help also help you with payroll tax and sales tax compliance.