Helping Mid-Market Multi-Location Restaurants Reach the Next Level

Helping Mid-Market Multi-Location Restaurants Reach the Next Level

So, you’ve made the leap from a single location to multiple restaurant locations. As a business owner, this is an exciting period of growth and expanded opportunity. However, as we all know, scaling your business also comes with new challenges and additional considerations. Juggling the demands of multiple locations can be overwhelming, and outsourcing some of your business’s key functions is often the best option for maintaining quality across all locations. Partnering with the right accounting firm can go a long way in supporting your most critical needs as your business expands. If you’re looking to grow your business, whether that means expanding to additional locations or to franchise-level, here’s how RBT CPAs can help you reach the next level.

Tackling the Challenges that Come with Growth

Scaling your restaurant business comes with added operational challenges, legal considerations, and tax complexities. When you have multiple locations, diligent financial management and careful planning are critical. Outsourcing your business’s financial functions can help to ensure that all of your restaurants are operating optimally, profitably, and in compliance with applicable laws. Our restaurant accounting team at RBT CPAs is here to support you while you focus on managing the challenges and opportunities that come along with growth.

More than Just Accounting

At RBT, we ask you what your goals are as a business owner, both monetarily and personally. We then work with you to create a plan to help you achieve these goals through timely and accurate financial statements, profit margin management, tax planning, compliance, budgeting, financial forecasting, succession planning, and more. We also offer individualized support in managing your restaurant’s operations. For example, we help owners use their Point-of-Sale systems to identify top servers, optimize table turnover rates, and determine which menu items provide the highest profit margin.

However, our firm offers much more than just accounting services. Together, RBT and its affiliates offer a whole range of professional services, including business advisory services, wealth management, estate planning, and retirement consulting. Our network of trusted professionals guides you through the day-to-day decisions that shape the long-term success of your business and secure the future for you and your family. With the right team working in tandem and contributing expertise in their respective fields, achieving your business goals becomes far more attainable.

RBT: Where Clients are Treated Like Family

At RBT, we truly believe our team and our clients are better together. When you partner with us, you become a part of our family—and we consider ourselves a part of yours. At RBT, we look to create a long-lasting business and personal relationship with each restaurant owner, helping you to achieve your personal and professional goals. We’ll help you with the small details and the bigger picture. Knowing you have a team that is invested in your goals and needs allows you to concentrate on operating and growing your restaurant. Give us a call today and find out how we can be Remarkably Better Together.

Performance Period for SLFRF Funds Now Closed: Closeout Guidance for Municipalities

Performance Period for SLFRF Funds Now Closed: Closeout Guidance for Municipalities

Created under the American Rescue Plan Act (ARPA) of 2021, the State and Local Fiscal Recovery Funds (SLFRF) program allocated $350 billion in federal aid to state, local, and tribal governments to support their response to and recovery from the COVID-19 pandemic. With the performance period for SLFRF funds officially closing on December 31, 2026, the U.S Department of the Treasury has released guidance regarding closeout procedures for SLFRF recipients. Below are the steps, provided by the Treasury Department, that government entities are advised to take to prepare for and expedite the SLFRF closeout process.

Closeout Checklist for Municipalities

  1. Confirm the entirety of your SLFRF award has been obligated and expended.
    • You can access the Treasury Portal through Login.gov at https://portal.treasury.gov/compliance/s or through ID.me at https://portal.treasury.gov/cares/s/slt.
    • Once logged in to the Treasury Portal, confirm your allocation is fully expended.
  2. Make sure you have completed all reporting requirements.
    • You can check your reporting status in the Treasury Portal.
    • Confirm that your latest Project and Expenditure (P&E) Report has been submitted.
  3. Sign and upload your award terms and conditions agreement.
    • A signed copy of your award terms and conditions agreement must be uploaded to the Treasury Portal before closeout.
    • If your agreement is missing or in “draft” status, a signed copy must be submitted.
  4. Confirm that your SAM.gov registration is active.
    • SLFRF recipients must maintain active registration in SAM.gov until all required final reports are submitted.
    • You can check the status of your municipality’s SAM.gov registration here.
    • To renew registration, your SAM.gov Entity Administrator can follow the guidance posted here. Do not create a new SAM registration.
    • Only your SAM.gov Entity Administrator can renew registration.
    • If your registration is currently active, take note of the registration expiration date.
  5. Verify that your Treasury Portal roles are up to date.
    • The Treasury Portal requires the designation of three roles: Account Administrator, Authorized Representative, and designated point(s) of contact.
      • The Account Administrator may initiate and submit the reports required for closeout.
      • The Authorized Representative may also initiate and submit the reports required for closeout. This must be an individual with legal authority to bind the municipality, such as the CEO.
      • The designated point(s) of contact will receive notifications via email regarding the status of the Final Report. The designated point of contact may update and complete P&E Reports, but cannot submit them. Only the Account Administrator and Authorized Representative may submit P&E Reports.
    • These roles can be filled by three different people, or one designee can fill multiple roles.
    • All designees must register with login.gov or ID.me and use the same email to access the Treasury Portal.
    • Communicate with your municipality’s IT department to ensure that emails from “@treasury.gov” are not blocked.
    • Confirm that the contact information for each designee is correct.

Initiating and Confirming Closeout

After you have received an invitation from the Treasury and have completed the above checklist, you can initiate and confirm closeout in the Treasury Portal. This involves reviewing and certifying that the reported data is accurate, confirming the Final Report, submitting optional impact stories, and finally confirming closeout. Step-by-step instructions for this process can be found in this Closeout How-to Guide from the Department of the Treasury. After confirming closeout, you will be notified that your closeout is in progress. Treasury will then review your request, notifying you if additional information is needed. Finally, you will receive a “Notice of Final Closeout” via email when your SLFRF awards have been closed out.

Partner With RBT

While you manage the closeout process for SLFRF funds, let RBT CPAs’ experienced professionals support your municipality’s accounting functions. RBT’s specialized government accounting team provides expert guidance to fit your government’s unique tax, accounting, audit, and advisory needs. Give us a call today and find out how we can be Remarkably Better Together.

Beyond Compliance: The Importance of Accurate LM-2 Reporting

Beyond Compliance: The Importance of Accurate LM-2 Reporting

Each year, unions in New York State are required to file one of three annual financial reports: Form LM-2, LM-3, or LM-4. Each of these forms requires varying degrees of financial detail, with the form type determined by a union’s annual gross receipts. This article will focus primarily on LM-2 reporting; however, whichever form your union is required to file, accurate and timely reporting is essential—not only for compliance purposes, but also to support transparency within your union.

What is Form LM-2?

Form LM-2 is the most detailed annual financial report required for unions by the DOL’s Office of Labor-Management Standards (OLMS). Unions with total annual receipts of $250,000 or more and those in trusteeship are required to file Form LM-2.

Form LM-3 and Form LM-4

Unions with total annual receipts of less than $250,000 that are not in trusteeship must file Form LM-3 (a less detailed annual report), while unions with less than $10,000 in total annual receipts that are not in trusteeship must file Form LM-4 (an abbreviated annual report).

LM-2 Reporting Requirements

Form LM-2, the most detailed annual financial report, requires unions to submit various informational and financial items, along with supporting schedules. Some of the information required includes rates of dues and fees, receipts and disbursements, assets and liabilities, disbursements, and schedules of payments and loans. LM-2 forms also provide information about membership status, officer and employee compensation, spending on political activities and lobbying, contributions and grants, governance information, and more.

Why are accurate reports so important?

The purpose of filing LM-2 (or LM-3 or LM-4) reports is to disclose information about a union’s financial activities, provide important insights, and promote accountability and transparency within the organization. Accurate and timely completion of reports ensures that unions maintain compliance with DOL regulations. Inaccurate or incomplete forms can lead to legal issues and threaten a union’s credibility. However, the importance of accurate reporting extends beyond compliance. Annual financial reports, which are publicly available, help members understand how their union operates and how union resources are managed. The information in these reports supports informed decision-making and helps maintain trust between members and union leadership by serving as a check against potential financial mismanagement. These reports can also help to facilitate productive communication between employers and unions by offering employers insight into union operations.

Accounting Services You Can Rely On

Reliable year-round accounting is key to accurate LM-2 reporting. RBT CPAs’ union team is here to support your union’s accounting needs, whether it’s helping you prepare for audits, reviewing your internal controls, or providing full CFO services. Give RBT CPAs a call today and find out how we can be Remarkably Better Together.

NYS Sales Tax Obligations: What Owners and Operators of Short-term Rentals Need to Know

NYS Sales Tax Obligations: What Owners and Operators of Short-term Rentals Need to Know

Clients often come to us with questions regarding sales tax on short-term rentals—we’re here to answer those questions for you. In brief, short-term rental units in New York are subject to the same sales tax requirements as hotels. Owners and operators who do not use a booking service must charge sales tax on sales of short-term rental unit occupancy when the rental rate exceeds $2.00 per unit per day. Booking services such as Airbnb and VRBO generally collect and remit sales tax directly on behalf of hosts. Whether you use a booking service to facilitate sales or not, you should be aware of the requirements related to sales tax for short-term rentals in New York State.

What is considered a short-term rental?

A short-term rental unit is defined as all or a portion of a building used for the lodging of guests. Short-term rental units include (but are not limited to) all or a portion of the following:

  • a house
  • an apartment
  • a condominium
  • a cooperative unit
  • a cabin, cottage, or bungalow
  • a similar furnished living unit

Requirements for Owners and Operators of Short-Term Rentals

Booking services and certain operators of short-term rentals located in New York are required to:

  1. Register as a sales tax vendor through New York Business Express
  2. File sales tax returns
  3. Collect and remit the sales tax and unit fee (if applicable)

Exceptions: When You Don’t Need to Collect Sales Tax

  • Operators of short-term rentals in New York State are exempt from collecting sales tax if rent out their property for three days or less in the calendar year and do not use a booking service to facilitate the sales.
  • Operators are exempt from collecting sales tax if a booking service facilitates all sales of unit occupancy. In this case, the booking service must provide the operator with a Booking Service Certificate of Collection or a publicly available agreement stating that the booking service will collect sales tax and unit fees.
  • An operator does not need to charge sales tax for guests who are permanent residents. A guest is considered a “permanent resident” once that guest has stayed in the rental unit for at least 90 consecutive days. Guests are required to pay state and local sales tax until that time. However, in New York City, a guest must continue to pay local sales tax until that guest has stayed in the unit for at least 180 consecutive days. Once permanent residency is established, the unit operator may credit the guest’s account or refund the tax already paid.
  • Purchasers who provide an operator with a completed exemption certificate are exempt from paying sales tax on unit occupancy. Examples of guests that qualify for an exemption include certain organizations such as charitable organizations, youth sports groups, and religious groups, federal and New York State government employees traveling on official business, and authorized representatives of veterans posts or organizations.

Reach out to Our Real Estate Accounting Team for Guidance

If you own or operate a short-term rental unit in New York, it’s important that you’re aware of your obligations regarding sales tax. RBT CPAs’ real estate accounting team can help you navigate this and all other tax and accounting-related matters. Give us a call today and find out how we can be Remarkably Better Together.

Considering Opting in to the NYS Pass-through Entity Tax for 2026? Here’s What Healthcare Practices Need to Know

Considering Opting in to the NYS Pass-through Entity Tax for 2026? Here’s What Healthcare Practices Need to Know

For New York-based medical and dental practices structured as partnerships or S corporations, 2026 offers another opportunity to elect in to New York State’s Pass-Through Entity Tax (PTET). But what exactly is the PTET, what are the potential benefits of opting in, and how can you make an election for the 2026 tax year? Let’s get into it.

Firstly, what is a pass-through entity?

A pass-through entity is a business entity in which income “passes through” to the business owner(s) and is therefore taxed at individual federal income tax rates, rather than at the entity level. Examples of pass-through entities include partnerships, limited liability companies (LLCs) taxed as partnerships, and S corporations.

What is the NYS Pass-through Entity Tax (PTET)?

The NYS PTET is an optional entity-level tax that partnerships and S corporations in New York State can elect to pay as a workaround for the federal limit on state and local tax (SALT) deductions.

Potential Benefits for Healthcare Practices

  1. Federal Tax Deduction at the Entity Level

Because PTET is treated as a deductible business expense for federal income tax purposes, it reduces the entity’s ordinary income before it passes through to owners. This may lower overall federal tax liability for physicians and dentists whose personal SALT deductions are otherwise capped.

  1. NYS PTET Credit

Owners of an electing entity generally receive a refundable PTET credit on their New York State individual income tax return. This offsets state tax paid at the entity level.

  1. Cash Flow and Planning Opportunities

For multi-owner practices, PTET can help align tax payments at the entity level and may simplify tax planning.

  1. Considerations Around Self-Employment Tax (Partnerships)

For partners in medical and dental practices taxed as partnerships, PTET may reduce self-employment taxes.

How do you opt in to the PTET?

You can make your election online via the New York Department of Taxation and Finance through your entity’s Business Online Services account. Only an authorized person can make the election on behalf of your business—your accountant or tax professional cannot make the election for you. For partnerships, an authorized person includes any member, partner, owner, or other individual with authority to bind the entity and sign returns. For S corporations, an authorized person includes any officer, manager, or shareholder authorized to make the election.

What Is the Deadline for 2026?

The deadline for making the election is March 15, 2026. Eligible entities can opt in any time from January 1 to March 15. PTET elections must be made annually, so if you are opting in for 2026, you will need to make your election via your NYS Business Online Services account by March 15—even if you have previously opted in for prior years.

When are payments due?

Entities that opt in to the PTET must make quarterly estimated payments via the state’s online system by March 15, June 15, September 15, and December 15.

Is PTET Right for Your Practice?

Whether PTET makes sense depends on several factors, including:

  • Owner income levels
  • Residency of owners
  • Allocation structure
  • Existing state tax exposure
  • Practice profitability projections

For high-income physicians and dentists in New York, PTET often produces meaningful federal savings, but you should be discuss with your tax advisor before electing.

Consult with RBT CPAs Healthcare Accounting Team

Electing in to PTET is a strategic tax decision. Our Healthcare Accounting Team at RBT CPAs works with privately owned medical and dental practices located in multiple states to evaluate PTET elections and can help you determine whether opting in to the PTET for 2026 is the right choice for you. Give RBT CPAs a call today and find out how we can be Remarkably Better Together.

How Artificial Intelligence Could Improve Patient Care While Also Saving Your Practice Money

How Artificial Intelligence Could Improve Patient Care While Also Saving Your Practice Money

The rise of AI is revolutionizing almost every industry, from finance to manufacturing to healthcare. Veterinary practices are already experiencing the impact of artificial intelligence, a force poised to transform the industry entirely. This article explores the diverse applications of AI within veterinary practices, from clinical operations to financial management.

Uses of AI in Veterinary Medicine

Artificial intelligence has uses that span all areas of veterinary medicine. This visual from an article published in Veterinary Medicine and Science groups the use of AI in veterinary sciences into four categories: clinical practice, biomedical research, public health, and administration. Here are just some of the applications of AI in veterinary hospitals:

  • Diagnostic imaging and disease detection: AI can assist doctors in detecting abnormalities in patient CT scans, MRIs, X-rays, and ultrasounds.
  • Predictive analytics: AI can analyze medical records to predict health issues and recommend preventive treatment plans.
  • Medical documentation: AI is able to transcribe audio from appointments and automate the creation of SOAP notes.
  • Veterinary research: AI is being used to analyze large datasets in medical research.
  • Education and training: Interactive AI-powered learning tools and simulation programs allow veterinary students to practice clinical skills in a virtual environment.
  • Administrative functions: AI enables the automation of various administrative tasks, including data entry, scheduling, client communications, and billing.

AI Applications in Practice Financial Management

By automating various administrative and financial functions, AI can help to reduce the chance of human error and the time it takes to complete tasks. In this way, AI has the potential to significantly improve the efficiency and profitability of your practice. From automating payroll to preventing lost revenue from missed charges, AI tools can help to save your practice time and money. Some key processes that AI can support and/or fully automate include invoicing, inventory management (monitoring stock levels, automatic ordering, etc.), financial reporting, payroll, and financial forecasting.

Challenges and Concerns

As with any emerging technology, there are certain risks and challenges associated with AI integration in veterinary practices. Some concerns include data quality issues due to very large and varied datasets, ethical concerns, a lack of regulatory oversight for the use of AI in veterinary medicine, the risk of skills erosion due to overreliance on AI tools, and the need for improved AI literacy among veterinary professionals.

Conclusion

Though AI integration will undoubtedly come with its challenges, this rapidly developing technology presents opportunities to optimize veterinary practice workflows, enhance patient care, and lighten the workload for veterinary professionals. While you consider how you might incorporate AI into your practice, let RBT CPAs support your accounting, tax, audit, and advisory needs. Our veterinary accounting team is here to answer all of your accounting-related questions and to help your business succeed. Call us today and find out how we can be Remarkably Better Together.