Business Advisory Services

October 31, 2025

BOI Reporting Rules 2026: What Restaurants & Franchises Need to Know

Status as of October 2026: FinCEN issued its final BOI rule in August 2026, effective August 14, 2026. Companies formed in the United States are exempt from federal BOI reporting. Certain entities formed under foreign law and registered to do business in the United States may remain reporting companies unless another exemption applies If you opened an LLC in the last few years, you probably heard that “every company must file beneficial ownership…

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Tax Preparation Services

October 27, 2025

NYC PTET Tax Strategy for Restaurants & Franchises

If you own a restaurant group or a franchise network in New York, you’ve probably heard about the Pass-Through Entity Tax (PTET) and its city companion, the NYC PTET. These elections let many S-corps and partnerships pay state/local income tax at the entity level—a smart way to work around the federal SALT cap on owners’ personal returns. Our guide on federal withholding for restaurants brings all of this together. Here’s the clear guide: what PTET…

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Tax Preparation Services

October 24, 2025

Tips vs Service Charges and the FICA Tip Credit (Form 8846)

If you run a restaurant or franchise, tips are more than a line on the guest check—they’re payroll, tax, and cash-flow drivers that affect margins every single pay period. In 2025 the IRS continues to emphasize accurate tip reporting, the difference between tips vs. service charges, and proper use of the FICA Tip Credit (Form 8846). Here’s a practical, plain-English guide to keep your locations compliant—and to turn good records into real savings. Quick…

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Tax Preparation Services

October 20, 2025

10-Return E-file Rule 2025: IRIS Guide

Paper filing season is over for most small businesses. Since tax year 2023, if your company files 10 or more information returns in a calendar year, you must e-file—and you have to add the totals across return types. That means your W-2s, 1099-NECs, 1099-MISCs, 1099-Ks, 1095s, 1042-S, etc., all count toward the same 10-return threshold. The IRS built a free portal—IRIS (Information Returns Intake System)—to make this doable without buying software. For…

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Tax Preparation Services

October 17, 2025

Form 1099-DA 2025: Crypto Reporting for SMBs

More restaurants, franchises, and multi-location brands are touching digital assets—even if it’s just a supplier refund in USDC, a loyalty experiment, or selling a small stash of BTC to cover a new oven. Starting tax year 2025, there’s a new reporting layer you can’t ignore: Form 1099-DA. Below, I’ll break down what’s changing, what actually hits your accounting process, and how to stay clean with the IRS while protecting profit and cash flow. If you want…

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Tax Preparation Services

October 13, 2025

OBBBA 2025 Tax Changes for Restaurants & Franchises

If you own a restaurant, a growing franchise, or a multi-location concept, 2025 brought more than headlines—it brought real, operational tax changes that hit payroll, purchasing, pricing, and cash flow. Our guide on federal withholding for restaurants brings all of this together. Below is your guide to the One Big Beautiful Bill Act (OBBBA) and what to do next. We’ll translate law into decisions, with a bias toward the day-to-day of hospitality. Quick…

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Tax Preparation Services

October 8, 2025

1099-K 2025 for Restaurants & Franchises

If you run a restaurant, a franchise, or any multi-location concept, Form 1099-K isn’t just “another tax form.” It’s the reconciliation backbone for a big portion of your sales—delivery apps, online ordering, card readers, and marketplaces. The rules have changed (again), so here’s the plain-English version of what matters for tax year 2025—and how to stay audit-ready without losing a weekend to spreadsheets. This post is one part of our guide on federal…

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Tax Preparation Services

October 6, 2025

Green Tax Incentives for Businesses

In today’s fast-evolving business world, going green isn’t just about doing what’s right for the planet—it’s a smart financial move. Lots of businesses, especially franchises and restaurants, are discovering that embracing environmentally sustainable practices can open doors to valuable tax savings and incentives that often go unnoticed. At QMK Consulting, a New York City-based accounting firm that specializes in franchise and restaurant accounting, we’re…

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