Valuable Tax Credits for Hospitality Workers

Get the word out to employees and customers who could benefit from the Earned Income and the Child Tax credits, which reduce the amount of income tax workers owe. Workers who don't make enough money to owe taxes can still qualify for the credit, but they must file tax returns to claim the credits.

Earned Income Credit
The EIC is a refundable, federal income tax credit for full- and part-time workers who fall below certain income thresholds. Employers must notify employees for whom income tax was not withheld at any time during the year and are encouraged to notify employees whose wages for 2015 were less than $53,267 that he or she may be eligible. The EIC can be worth as much $6,242. Singles who raised children and earned less than $47,747, or those who are married filing jointly, raised children and earned less than $53,267, in 2015 can claim the credit, as well as singles not raising children who earned less than $14,820 last year or, for those who are married filing jointly, $20,330.

Some workers with children choose to receive part of their EIC payments in advance as part of their regular paychecks and the rest after they file their annual tax returns. Individual taxpayers who earned less than $39,131, or those married filing jointly who earned less than $44,651, with at least one qualifying child are eligible.

Child Tax Credit
The Child Tax Credit is worth up to $1,000 for each qualifying child under 17. The tax credits can help employees pay for childcare and cover other day-to-day needs. Families who earned at least $3,000 in taxable income in 2015 are eligible.

Employer assistance
The Center for Budget and Policy Priorities offers free posters, fliers and paycheck inserts for employers. Color posters are available in English and Spanish, and fliers are available in 21 languages. Get more information at 202-408-1080. Download thematerials, and get tips to promote the tax credits.

The Internal Revenue Service also offers an employer toolkit with outreach tips, posters, payroll stuffers, and social media tools. 

Free tax help
The IRS offers free electronic filing and assistance through the Volunteer Income Tax Assistance Program, a partnership with community-based organizations. Workers who earned less than $54,000 in 2015 are eligible, as well as people with limited English-language skills, people with disabilities and the elderly. Taxpayers can call 800-906-9887 to find a VITA site near them. The IRS helpline at 800-829-1040 is set up to answer taxpayer calls about credits or other tax issues. 

(via National Restaurant Association)

Restaurant Industry Operations under Growing Pressure to Balance Labor Costs, Big Data and Profits

 

LAS VEGAS, Nov. 9, 2015 /PRNewswire/ -- IQ BackOffice President and CEO, David Schnitt, at the Restaurant Finance & Development Conference in Las Vegas, NV today discussed the "growing trends, challenges and opportunities" facing the industry in 2016 and beyond.

The Restaurant Finance & Development Conference, is one of the nation's largest annual gatherings of restaurant industry operators, management specialists, financial, legal and regulatory experts. IQ BackOffice, a leading global accounting and human resources outsourcer, headquartered in El Segundo, CA will be displaying, sharing and presenting their views on the 2016 trends and challenges facing the industry and the solutions, tools and options that can be utilized to meet them.

"The nation's restaurant industry, an important contributor to the health of the American economy, is facing a 'perfect storm' heading into 2016 of opportunities and challenges, said David Schnitt, President and CEO of IQ BackOffice.  "Restaurant operators are presented with an environment that will require the efficient management of a changing labor market with narrowing margins and growing regulatory pressures – while still needing to achieve growth, profit and scale."

David Schnitt and the experts at IQ BackOffice predict three key trends and challenges that is reshaping the restaurant industry now and well into 2016:

• Focus on Cost Efficiencies and Changing Labor Market. With companies pressed in terms of labor costs, along with increased wages and a lack of employees to fill critical jobs, it's imperative for companies to find ways to reduce costs.  Restaurants should look to leverage solutions that collate costs around food and labor—generally two-thirds of a restaurant's total spending—so that owners and operators can better handle and understand all of the costs that are within their control.
• Leverage Internet Based Analytics and Insights to Deliver Margins. Under tight margins, managing finances needs to be an exact science. Restaurants need to gain more insight into where particular costs are and where they need to target their spending. Fine-tuning information at a more granular level provides restaurant owners with the solutions needed to make strategic, educated financial decisions—all at a lower cost.
• Deliver Growth and Scale. Even under cost pressures, growth is still possible, but restaurants must efficiently manage growth and scale options at a low cost. Restaurant owners need to realize their financial state holistically to set the right trajectory for profitable growth.

For more information, please visit IQ BackOffice onsite at Booth 620.

About IQ BackOffice IQ BackOffice is a global leader in business process outsourcing, delivering customized solutions for its clients and boasting 99.97% quality and up to 68% cost savings. By reengineering existing processes such as accounts payable, accounts receivable, payroll and human resources, IQ BackOffice reduces costs, enables better decision-making and creates stronger financial controls. Clients range from mid-sized to multi-billion dollar private and public companies, across industries such as restaurant and hospitality, real estate and property management, manufacturing and distribution, telecommunications, utilities, energy, financial services, professional services and others. IQ BackOffice is majority-owned by LiveIt Investments Limited, the holding company for Ayala Corporation's investments in the business process outsourcing sector. Ayala was established in 1834 and is one of the leading conglomerates in the Philippines. For more information about IQ BackOffice's wide range of services, please visit http://www.iqbackoffice.com/.

For additional information, please contact: Alyssa Scott Burson-Marsteller +1 212-614-4012 press@iqbackoffice.com

(via PR Newswire)