BDO Knows SPACs

Before COVID-19, restaurants had a significant labor challenge, typically referred to as the “talent crisis” or “war for talent.” Unemployment rates were at a five-year low and minimum wage rates were rising across the country. To better define the challenge, there were simply...

Private company franchisors have raised concerns to the FASB regarding the complexity and cost in applying Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). In response, the FASB issued ASU 2021-02, Franchisors—Revenue from Contracts...

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a variety of economic relief measures applicable to the restaurant industry, including the Paycheck Protection Program (PPP) and the Employee Retention Tax Credit (ERTC). Under the CARES Act, businesses...

Capping a week filled with uncertainty, President Trump finally signed the Consolidated Appropriations Act, 2021 on Sunday December 27, 2020. The new law, which will be referred to as the “Relief Act” or “Act” throughout this article, contains a number of provisions that will...

Check out the latest insight from BDO on the New Stimulus Package.

In a blow to the restaurant industry, the IRS issued guidance shortly before Thanksgiving that effectively negates the opportunity to claim a 2020 tax deduction for expenses funded with forgivable PPP loans.