Whether you are running a restaurant, a bar, an ultra-lounge or a night club, you are faced with many obstacles in today’s restaurant industry. Thanks to the Las Vegas Strip, our city has become one of the fine dining capitals of the world. As a business owner in the restaurant industry, you must ask yourself the right questions. Are your financial statements accurate? What is the best way to track inventory? Are you using your point-of-sale system to its full potential? Are you calculating sales tax accurately? Do you track and report tips correctly? At Wallace Neumann and Verville, LLP, we understand the issues restaurant and night club owners face. We are more than just CPAs; we are your restaurant consultants and business advisors. Our goal is to provide you with the tools you need to be successful in the Las Vegas restaurant industry.
We know that operating a successful restaurant or night club can be overwhelming. It’s difficult to run a profitable business and still find the time you need to handle your accounting issues. Many restaurants continue on without consulting with the right accountants, increasing the possibility of missing opportunities to improve business operations and save money. Furthermore, the IRS has a large presence in Las Vegas auditing the restaurant and night club industries.
Did you know that Las Vegas is the number one tipping capital of the world? There is so much tipping in Las Vegas that the IRS has a special unit designed for tip compliance. The IRS started the National Tip Reporting Compliance Program a few years ago and it is centralized in Las Vegas. Most business owners whose employees receive tips have to file an annual tip reporting form (Form 8027) that is due every February. This form is more complicated than business owners realize. It is one of the key data sheets used by the IRS to calculate tip compliance. Wallace Neumann & Verville, LLP recently hired a former IRS Revenue Agent, Romeo Razi, who worked closely with IRS’s tip compliance team.
Calculating the tip rates for all the various shifts in your business can be frustrating. Waiters, bussers, hostesses, barbacks, doormen, cocktail servers, bottle service promoters, banquets runners, special parties, etc., may all require different tip rates. Incorrectly reporting your employees’ tips may make your business prone to an IRS audit. Wallace Neumann & Verville, LLP has successfully represented restaurant clients during IRS tip audits and are very familiar with tip agreements offered by the IRS such as the Tip Rate Determination Agreement (TRDA) and the Gaming Industry Tip Compliance Agreement (GITCA). Whether you own a single pizza shop, a night club, or multiple-location franchise restaurants, Wallace Neumann & Verville, LLP has a solution to fit your needs.
For more information regarding the services we provide to the restaurant industry, please contact Mike Verville or Romeo Razi.
