Hospitality Services
The hospitality industry faces extremely complex real and personal property tax issues. Jurisdictional assessment practices overwhelmingly ignore business and intangible value in formulating real and personal property assessments. Improper classification of assets can result in double taxation such as:
- Non-taxable assets included in assessments
- Overpayment of real property taxes
- Overpayment of personal property taxes
We can help you properly classify assets among real, personal and intangible categories resulting in the elimination of double taxation.
Tax Reporting
We analyze the new tax laws every year to enable us to take advantage of every possible tax break for you. For example, restaurants and other guest service businesses have tips for their employees as a usual part of customer transactions. We can assist you in proper reporting of tips in order to reduce the chance of an audit because of improper reporting and can ensure that you receive the "tip credit" on your income tax returns for the social security and Medicare taxes your business pays on reported tips.
Project Development
Understanding tax ramifications of building a new property or improving an existing property is critical to owners and the income generated by the improvements.
We provide accurate pre-development tax impact analyses resulting in better management of financial assumptions and increased return on investment. For example, correctly classifying equipment and other personal property within a new or improved building can dramatically accelerate depreciation deductions and reduce the income taxes in the early years of a completed development project.
