Restaurant Taxation: Calculating Tips and FICA Tip Credit; Food Donations, Sales Tax, QIP, and CARES Act Relief
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This webinar will discuss taxation issues unique to restaurants, including calculating and reporting tips, the enhanced deduction for food inventory, remitting sales tax, and the FICA tip credit as well as the application of recent relief under the CARES Act to the food industry.
Outline
- Restaurant taxation: an overview
- Reporting tips
- FICA tip credit
- Food donations
- Sales tax
- Cost segregation
- CARES Act relief
Benefits
The panel will cover these and other important issues:
- How to report and claim the FICA tip credit
- How restaurants can benefit from the recent QIP correction
- What qualifies for the enhanced deduction for food donations
- Which restaurants would benefit from a cost segregation study
- Best practices for capturing and reporting employee tips
Faculty

Jean Hagan
Principal
KROST
Ms. Hagan has owned, operated, and consulted in the restaurant industry for more than 30 years. During that time, she... | Read More
Ms. Hagan has owned, operated, and consulted in the restaurant industry for more than 30 years. During that time, she worked with a well-known national chain; owned a food and beverage company that operated multiple restaurants, bars, and event spaces in the Squaw Valley area; and became the president, CEO, CFO, and shareholder of one of the highest-grossing restaurants in California. Today Ms. Hagan is Principal and leads the restaurant operations consulting practice at KROST.
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Lindsay Iwanoff
Tax Manager
KROST
Ms. Iwanoff is a Tax Manager in the firm’s Restaurant Practice Group, with a focus on tax and consulting services... | Read More
Ms. Iwanoff is a Tax Manager in the firm’s Restaurant Practice Group, with a focus on tax and consulting services to restaurant clientele. Her experience includes family owned businesses, chain restaurants and catering businesses. Ms. Iwanoff began her career at PwC Tax in Los Angeles, predominantly focusing on tax compliance and consulting services to private equity, hedge fund, and real estate clients.
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Aric Wong, CPA, MBT
Tax Manager
KROST
Mr. Wong's areas of expertise include tax planning and compliance for high net-worth individuals, partnerships, and... | Read More
Mr. Wong's areas of expertise include tax planning and compliance for high net-worth individuals, partnerships, and corporations. He is knowledgeable in all areas of taxation including personal, corporate, partnership, nonprofit, trust, estate, and gift taxation. Mr. Wong services clients in various industries including but not limited to restaurant, real estate, professional services, and financial services industries.
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