Enhancing Back Office Accounting A Path to Greater Profitability for Franchisees

BUSINESS MANAGEMENT | 03/22/2024 Optimizing Back-Office Operations for Franchise Success Whether you’re franchising a restaurant, gym, or another service-based business, maintaining organized back-office records and implementing effective accounting processes—both physically and digitally—is essential. A well-managed back office ensures financial stability and supports the growth of your franchise. The Role of the Back Office in Franchises …

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Does Your Business Have Employees Who Get Tips? You May Qualify For a Tax Credit

CORPORATE TAX | 03/24/2024 If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Credit fundamentals The FICA credit applies to tips that your staff …

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Increased IRS Scrutiny of Arm’s Length Pricing of Intercompany Debt

CORPORATION TAX | 02/28/2024 Key insights Businesses must carefully evaluate loans between related companies so interest rates charged comply with the federal income tax rules. The IRS recently issued Advice Memorandum AM-2023-008, shedding light on treating intercompany interest rates in the context of group membership. Overcharging affiliates could lead to IRS scrutiny and potential adjustments. Let’s …

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Employee or Independent Contractor A Guide to the New Rule

REGULATION | 01/01/2024 Earlier this week, the U.S. Department of Labor (DOL) finalized its ruling on determining employee versus independent contractor status under the Fair Labor Standards Act (FLSA). This decision follows the proposed regulations released in October, with the final ruling largely aligning with the earlier draft. The updated regulations mark a return to …

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Reducing Costs for Private Equity Portfolio Companies

PRIVATE EQUITY | 12/29/2023 In today’s competitive business environment, private equity firms are constantly looking for ways to enhance the value of their portfolio companies. Optimizing operations is a crucial factor that can have a significant impact on profitability. By refining processes, cutting costs, and boosting productivity, portfolio companies can unleash their full growth potential. …

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