Discussion:Question on a Restaurant Partnership
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Discussion Forum Index --> Basic Tax Questions --> Question on a Restaurant Partnership
Discussion Forum Index --> Tax Questions --> Question on a Restaurant Partnership
| 21 January 2008 | |
| This is our first restaurant client. The restaurant is a multiple memeber llc and will be taxed as a partnership. The llc was set up in late 2007. Are there any peculariites we need to be concerned with on the tax return (tips, guaranteed payments to partners). Your thoughts are appreciated | |
| 21 January 2008 | |
| You should research the rules on requirements for imputing tips and the FICA tip credit at a minimum. | |
TheTinCook (talk|edits) said: | 21 January 2008 |
| Take a look at Rev. Proc. 2002-12
Since it's getting time to file your 8027 you should give some serious thought to entering the ATIP program. Also, I would brush up on labor laws, especially as they relate to tipped employees. Employers in the industry frequently make illegal deductions out of a combination of ignorance and greed. Restaurants are also the new target for wage/hour class actions, so you need your ducks in a row. | |
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