Tax season is here. Get the jump on your filing with Harmony’s list of helpful tips for tax preparation for restaurant owners.

The CCPA this month talks record retention guidelines, which is to say we’re digging into one of the most common questions we get around here - “How long do I keep [insert any given tax document]?” Let us simplify some of the IRS’s extremely lengthy guidance on your recordkeeping.

Winter is Coming! Game of Thrones had it right, and it happens every year - be prepared for the natural sales lull the restaurant industry experiences every year and consider how and where you can cut costs.

This month we’ve crafted a Top 10 list of "Fall Financial Cleanup" items to help you close the year with your financial house in order, from cash management to wealth planning to tax preparations.

Let’s dive into rent, specifically the NNN or Triple-Net leases common in the modern retail world. A “triple-net” lease means the base rent is net (accounting speaking for doesn’t include) maintenance, real estate taxes and insurance. Gross rent is a rent calculation that encompasses all charges.

At Harmony, we have found there is one element that stands out in ensuring long-term success: controlling labor costs. While the first principle is that labor spending needs to be at sustainable levels to ensure consistent profitability, we've noticed some clients struggle with the seasonal sales cycle. Your invaluable human resources must be managed with precision to ensure both profitability and a stellar customer experience.

This time of year we frequently receive questions about vehicles and how to optimize tax write-offs related to them. Maybe you’ve seen the TikToks about how to get a G Wagon for free (spoiler alert: you can’t) or maybe you’ve heard friends talk about how they write off all of their vehicle expenses… either way, the model year has changed and you’re ready to buy a new ride while maxing out your write-offs.

Every year during each of the typical restaurant slow periods (here’s looking at you August-September 15th and January 2nd - Feb 13th!) clients begin to panic just a little bit. “Sales are slow,” they’ll complain. “I’m worried about cash.” “I think I need a controller.” The good news is that as a Harmony Group client you already have a controller, and even better, you have the best CFO team in the land.

For people who receive primarily wages, called W-2 income, income taxes are withheld from each paycheck along with the employee’s half of the required contribution for Social Security and Medicare Taxes (for W-2 wages, the employer is responsible for the other half of FICA taxes). The net effect of this arrangement is that most taxpayers don’t have to deal with estimated tax payments.

Usually with Lessons From the Line we offer tips, news, and updates about our industry - this month we’d like to talk a little about the tech updates we’re undertaking here at Harmony Group to better serve you.

Usually with Lessons From the Line we offer tips, news, and updates about our industry - this month we’d like to talk a little about the tech updates we’re undertaking here at Harmony Group to better serve you.

Usually with Lessons From the Line we offer tips, news, and updates about our industry - this month we’d like to talk a little about the tech updates we’re undertaking here at Harmony Group to better serve you.

Like everything the IRS touches, gifts can get a little bit complicated, but with a general understanding of the rules you can stay compliant and avoid any issues. If you are uncertain about your gift tax obligations, or considering a big gift anytime in the future, your Harmony Tax team is available to consult with you for personalized advice on gifting and tax planning.

Every business is only as successful as the people that make it go. Whether you call your employees a team, a family, a gang of pirates it’s essential that you schedule, compensate, promote and manage them is part of a thoughtful and holistic strategy that incorporates the needs of all the stakeholders.

With the April 18 tax deadline already in the rearview mirror, many of our clients might be eyeing their mailbox or bank account, wondering when that refund check is going to land. If you worked with your Harmony advisor to file your taxes before the deadline (without an extension) and are expecting a refund, the waiting game begins.

The meteoric rise of third-party delivery services (“3PD”) like Uber Eats, DoorDash, and Grubhub forever changed the economics of the restaurant industry. This month’s LFTL takes a look at successfully integrating them into your business model.

Despite their ubiquity for taxpayers, however, most Americans remain blissfully unaware of how tax extensions work at both the federal and state levels, as well as the penalties associated with underpaying taxes. This month’s Commonsense CPA delves into the specifics.

Before this weekend you may not have even heard of SVB, now the second largest bank failure in US history.

Despite being something of a four letter word in the industry, brunch has become a key revenue driver for restaurants across the hospitality landscape. Read on for considerations to make before beginning this potentially lucrative service.