Webinar Recap - Trending Tax Topics: What the Restaurant Industry Needs to Know"

Webinar Recap – “Trending Tax Topics: What the Restaurant Industry Needs to Know”

As we approach 2023, it is important to review sales tax rules and explore tax credit opportunities for your restaurant. Whether you are applying for the Work Opportunity Tax Credit, wanting to learn more about the Inflation Reduction Act, or simply ensuring that your business is protected as you head into tax season, this webinar presented by Moore Colson CPAs & Advisors has the answers you need.

New Year, New Rules: The Inflation Reduction Act of 2022

• Signed August 6, 2022.
• Most provisions will become effective in 2023.
• Tax incentives will include a commercial clean vehicle credit and a deduction for energy efficient commercial property.
• Read more about the Act in this recent article by Moore Colson CPAs & Advisors.

State Tax Credits

• Georgia Pass-Through Entity Election

        Allows eligible entities to pay Georgia Income Tax at the entity level (5.75% rate).

• Georgia Retraining Tax Credit

       Credit available for cost associated with retraining of employees.

• Jobs Tax Credit

       Credit available for creation and maintenance of jobs.

Federal Tax Credits

• Work Opportunity Tax Credit (WOTC)

       Credit available for hiring and employing targeted demographics.

• Federal Insurance Contributions Act (FICA) Tip Credit

       Credit available for employer payroll taxes paid on tipped income.

Helpful Tips.

• Recommended tip amounts are allowed.
• Tips belong to server and are not restaurant income.
• Restaurant may be eligible for FICA tip income tax credit

What is an Auto-Gratuity? Automatic Gratuity is a service fee added to a bill by the restaurant. Examples include corkage fees, room service charges, and delivery fees. Auto-gratuity does not qualify for FICA income tax credit.

Learn more about qualifying tax credits and year-end planning in the full recording.

This information is provided for educational purposes only. Please consult your trusted legal and financial representation for advice. Any questions regarding this webinar can be directed to:

Brian Renshaw, CPA

brenshaw@moorecolson.com

Jonathan Levens, CPA

jlevens@moorecolson.com

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Atlanta GA 30339