Hospitality Archives - BeachFleischman CPAs

American Rescue Plan Act of 2021 – A Closer Look

June 1, 2021 June 4, 2021 Tax Department COVID-19, Hospitality, Tax Bites ARPA, CAA, CARES, COBRA, COVID-19, FFCRA, RRF

The American Rescue Plan Act of 2021 was signed into law on March 11, 2021. We’ve gathered highlights of noteworthy ARPA provisions for businesses and individuals.

The Restaurant Revitalization Fund is now live

May 6, 2021 May 10, 2021 Tax Department COVID-19, Hospitality ARPA, COVID-19, restaurant industry, Restaurant Revitalization Fund, restaurants, RRF, SBA

If your business is a restaurant or anything like one, you may qualify for funding under the just-launched Restaurant Revitalization Fund. But you’ve got to act soon.

EIDL loans, restaurant grants offer relief to struggling small businesses

April 1, 2021 Tax Department COVID-19, Hospitality, Tax Bites ARPA, COVID-19, EIDL, restaurant, restaurants, small business

Could your small business or restaurant use a tax-advantaged loan from the Small Business Administration? A recently passed COVID-relief act offers a couple of intriguing options.

How Congress is Planning to Rescue Restaurants Through Tax Deductions

February 5, 2021 March 19, 2021 Benjamin Schutt Hospitality, Tax Bites CAA, CARES, COVID-19, deductible expenses, meals and expenses, restaurants, tax deductions

Lawmakers seek to tweak an existing business deduction to boost the restaurant industry’s bottom line and put thousands back to work.

Employer-Provided Disaster Relief & COVID-19

November 19, 2020 November 23, 2020 Jason Cook Cannabis, Construction, COVID-19, Financial & Professional Services, Healthcare, Hospitality, Manufacturing, Nonprofit, Real Estate, SOAR COVID-19, disaster relief, employee support

Amid the COVID-19 pandemic, many employers are looking for tax-advantaged ways to help their employees with additional expenses incurred as a result of the pandemic. Section 139 of the Internal Revenue Code provides the answer. On March 13, 2020, President Trump declared COVID-19 a national disaster under the Robert T. Stafford Disaster Relief and Emergency[ … ]

Industry Outlook 2018: Hospitality & Restaurant

April 26, 2018 March 17, 2021 Eric Majchrzak Hospitality, Industry Outlook 2018 Arizona CFO Spotlight Survey, hospitality, industry outlook, restaurant

The 2018 Arizona CFO Spotlight Survey attracted respondents from a number of industries in Phoenix and Tucson. We will highlight the hospitality & restaurant segment here in terms of growth, risk factors, strengths and trends. Survey respondents in the hospitality and restaurant industry are among the smallest group of participants in the 2018 Survey; they[ … ]

Industry Outlook: Hospitality

May 4, 2017 August 28, 2020 Eric Majchrzak Hospitality, Industry Outlook

The 2017 CFO Spotlight Survey attracted respondents from a number of industries in Phoenix and Tucson. We will highlight the hospitality segment here in terms of growth, risk factors, strengths and trends. Survey respondents in hospitality came from an eclectic group of tourism and entertainment organizations as well as vendors and distributors. About 75% of[ … ]

The Fate of Vacation Rentals in Tucson with the onset of Commercial Taxation

August 15, 2016 May 13, 2021 Eric Freeman Hospitality, Real Estate arizona, short-term rentals, tax, TPT, vacation rentals

Through the years, vacation rentals in many locations including Tucson have been popular for people who desire a private vacation experience or prefer a convenient short-term rental. However, developments in the last year brought what some considered a rather disturbing possibility to the forefront. Property Taxes During 2015, the Pima County Assessor reclassified hundreds of[ … ]

New Retail and Restaurant Remodel/Refresh Safe Harbor

December 7, 2015 August 29, 2019 Eric Freeman Hospitality, Real Estate applicable financial statement & revenue procedure, Safe Harbour, tangible property, tangible repair and regulations

The tangible property regulations have added increased complexity for many taxpayers. Although the new regulations are favorable to taxpayers in many instances, it can often be a headache to determine the correct treatment. In an effort to mitigate disputes regarding the deductibility and capitalization of remodel and refresh costs between the Internal Revenue Service (IRS)[ … ]