$Barry\\\\\\\\\\\\\\\\\\\\\\\\\\\\'s Accounting Services, Corp.$

1852 Flatbush Avenue - 2nd Floor
Brooklyn, New York 11210
(718) 677-4006
E-mail: clembarry@aol.com


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$The Hospitality Industry - Barry\\\\\\\\\\\\\\\\\\\\\\\\\\\\'s Accounting Services$
(plus Operations Checklist)

Professional Tax Preparation & Business Advisory for

Workers and Business Owners in the Hospitality Industry.

$The Culinary Industry - Barry\\\\\\\\\\\\\\\\\\\\\\\\\\\\'s Accounting Services$

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**NOTE:-The IRS has collected US$4.9 Trillion from 2022 tax filings. That is US$790 Billion more than 2021 tax filings, according to the report from the Treasury Inspector General for Tax Administration(TAGTA).The IRS will start accepting Corporation Tax Returns on JANUARY 16, 2024. The DEADLINE is MARCH 15, 2024.

We are proficient at managing Clents Expectation. Our website attracts a readership of over 1,020,000. Some of them are Clients, some of them are Paid Subscribers, and some of them are Searching for a Tax-Accountant or Business Advisor that has the EXPERTISE ("Industry-Specific Knowledge"), SHARED PASSION, and COMMITMENT they need to accomplish their goal/mission.

We have helped our clients generate revenues, manage their Discretionary Spending and overcome Fianacial and Economic challenges/hurdles; and we saved them $450 million in taxes. Hence, they have more LIQUIDITY (Cash-flow, Disposable Income, and Working Capital) to maintain their Financial Obligations and Credit-worthiness. What do you want us to do for you, TODAY?

You can ready my best selling book, "Sweet Success, knowledge & quick-skills" by Clemson Barry, for FREE on Amazon. It is a best seller in 5 countries.

Whats "Cooking" in 2024

Hotels stocks are "Cooking-up" a storm on the Stock Market. Those Stocks are Rising and Hotels are raking in lots of Dough. I am excited!! Big Winners are:-

*Marriott - (888) 236-2427.

*Choice Hotels - (877) 424-6423

*Hilton - (888) 446-6677.

*Park - (702) 730-7777.

*Wyndham - (800) 407-9832.

Occupancy Rates, Employment, and Expansion are rising as demand for travel destination keep rising. For hotel employment, apply on those hotels website.

**NOTE:- If you are seeking employment in another industry, log on to:- ZipRecruiter.com and NewYorkJobDepartment.com. If you are looking for qualified employees for your business, log on to:-Indeed.com/hire. If you want to get finance from Top SBA Lenders, log on to:- Smartbizloans.com; Dime.com; Tdbank.com; Chase.com; Wellsfargo.com; Crossriver.com. If you wish to hire Household Workers for your Private Residence, log on to:-HouseholdStaffing.com; and Maids.com. If you want to set up an LLC or Corporation, call Legal Zoom (800)773-0888 ext 5374; or (323) 962-8600.

Money is Wealth and Power. It also brings Financial Freedom/Independence, Happiness, and a lot of Friends. We will use every Regulatory Tax Loophole to help you keep more of your money; and we will put a big smile on your face. Time Management is VERY important to us. Call us when you are READY to do business with us.

Lets get to the specifics!!

Our network is vast and varied. We prepare and file PRESENT and PRIOR Years Tax Returns for over 300 new and regular hospitality clients in NY & CA. Our CONTINUALLY Updated DATABASE contains over 1,000 Tax Strategies that are unique to your industry. It enables us to use the BEST Tax-efficient structure that will MINIMIZE your Tax Liability; and MAXIMIZE your Cash-flow and Disposable Income. Please get our APPROVAL first, then send us a copy of your Corporation or LLC TRIAL BALANCE in the General Ledger(Income, Expenses, and Balance Sheet information); and we will prepare your Business Tax Return within 5 days AFTER we received ALL your documents.

Clients pay their choice of courier (DHL; FedEx; UPS; Post-Office) and send us their ORIGINAL documents. We give them up to $30 credit; and we pay to return their ORIGINAL documents and a copy of the Tax Return that we prepared for them.

File your Tax Return early and avoid paying a Late Filing Penalty of $220 to the IRS and $100 to the State PER MONTH (IRS calls it, "Enforced Compliance"). Go to IRS.gov and File Form 4868 for Individuals; and Corporations Form 7004. The IRS HOTLINES(800) 829-4933 AND (800) 829-1040 form 7am Eastern Standard Time.

The fee to Prepare and File an Individual Tax Return STARTS at $400; and Business Tax Return STARTS at $1,275.00. COMPARE that to the TOTAL amount of money you have LOST in the Stock Market, Casinos gambling, Race Track Betting, Lottery Tickets; and people that owe you money and will never pay you.

The fee is Tax Deductible. In addition, it is an INVESTMENT you make to MINIMIZE your tax liability, MAXIMIZE your Tax Refund and your Cash-flow or Working Capital; and keep more of your money. PLUS you are in Capable Hands because we are proficient at managing expectations; and we have a proven and verifiable track record. Therefore, you get Exceptional Result and Peace-of-mind; and you have nothing to lose. Testimonials that we have received during our annual survey of our Hospitality clients are overwhelmingly impressive.

We keep up with current developments in this industry, and we are available to help you strengthen key areas in your business that directly contribute to its Efficiency and Market positioning for Survival during Seasonal Fluctuations. (Menu pricing analysis; Cash flow; Working Capital Management; Inventory Controls; Overhead Expense Controls; etc.).

We dont rely on Simplistic Rules of Thumb to solve Tax Problems in the Hospitality Industry. Our Methodology is meticulous (factually deep and very effective). We Thoroughly analyze the details our clients give us against our annual compiled list of tax breaks from the changes in the Tax Laws:- (Regulatory Tax Loopholes; Credits; Deductions; Exclusions; Exemptions; Deferrals; Carrybacks; Carryovers, etc.).

Tax Codes we use (IRC Sections):-1, 2, 55, 61, 63, 67, 109-110, 111, 132, 162, 167, 179,195, 197, 199A, 212, 263, 274, 280, 351, 441-446, 401, 469, 1221, 3401-3402, 6015, 7703, etc.); Plus IRS 48 hours of Mandatory Annual Continuing Education. You can read for FREE Chapter 2, pages 11-20 in my best selling book,"Sweet Success" by Clemson Barry on Amazon.

Tax Research Companies we use:- Thompson Reuters; Prentice-Hall; WG&L; RIA; BNA; and CCH. They are the best/legendary and they are used by IRS Auditors. Hence, you are in capable hands with us.

A Hospitality Question:- A Business man in Arkansas took a large party/crowd of people to a restaurant. He gave two Waitresses a tip of $4,000 to share between themselves. The restaurant owner took 60% of the tip and gave each Waitress 20%. That has caused an uproar between the Business man and the Restaurant Owner.

1) Would you say the restaurant owner cheated the Waitresses who are dependent on tips to earn a full salary?

2) Should the $4,000 tip be shared with other workers in the restaurant who are being paid a reasonable wage?

3) Some people have said the Restaurant owner was just exercising a well known cover charge policy in the industry. If you work in Catering/Banquet, is a cover charge of 60% reasonable? Did something similar to that incident happened to you or to someone you know?

Services we provide Hospitality Clients

*Tax Preparation (Individual and Joint Filing).

Tax Planning & Implementation (Preparing for unforseen contingencies, including IRC Section 6402(c) for Delinquent Child Support payments and Default on Student loan payments; Financial and Asset Management and Tax Strategies, including the Tax Aspects of Marriage, Separation, and Divorce).

*Single and Multi-States Tax Preparation (Resident, Non-Resident and Part Year Resident).

*Business, Franchise, and Real-Estate Advisory (Buying and/or Selling).

*IRS and States Tax Problem Resolution (Payroll & Tips tax audit; Sales tax audit; Delinquent tax returns; Collection appeals; Omission of income; Wage garnishment; Delinquent child support payments; Default on student loan payments; Innocent spouse forgiveness; Overstated expenses; Penalty abatement; Failure to reply to IRS & State notices; Tax Refund seized, etc.).

Who Are Our Hospitality Clients

#1) Hotel Employees

#2) Businesses (S-Corp., C-Corp., & LLC).

a)Night Clubs, and Bar & Lounge.

(b)Quick Service Restaurants (QSR).

c)Bakeries.

d)Inns, Lodges, Guest Houses, and Airbnb(ABNB).

e)Motels, Villas, Cottages, Resorts.

f)Employees working in Catering/Banquet department at:- (Marriott; Four Seasons; Park-Hyatt; Bel-Air; Viceroy LErmitage; The Beverly Hills; The Peninsula; Crown Plaza; New Yorker; Conrad; The Pierre; Hilton; Double Tree; Hudson-Sheraton; Milford Plaza, and Highgate).

How We Obtain New Hospitality Clients

*Direct mailing from our exclusive Database.

*Prospects searching on UTube, Google, and other search engines.

*Trade Shows and Associations referrals.

*State Department of Corporations Registry.

* Clients Referrals.

What We Want From You

#1) Your Cell Phone number and E-mail address for quick communication.

#2) A paper copy of the last tax return you filed if you are a New or Former Client.

#3) A copy of your Drivers License or State ID; AND a copy of your spouse Drivers License or State ID(IRS & State require this information to help combat identity theft). IRS (800) 829-1040 from 7am EST.

#4) Give us those letters you received from the IRS and States, including the letter you received from the IRS with the IP PIN number that was assigned to you to put on your tax return(Identity Protection Personal Identification Number).

#5) Social Security Cards and Birth Certificates for your Spouse and every dependent you are claiming on your tax return.

#6) If your own a Business; or if you were Self-Employed, we need you Gross Income and Expense Analysis for the year.

#7) If you are filing Jointly with your Spouse, we need Forms W2 for you and your Spouse; and job-related expenses if both of you are an employee.

#8) Forms 1099 for Unemployment Compensation, Social Security, and Disability payment that you received.

#9) Forms 1099 from your Bank for Interest you earn on you Savings Account.

#10) Forms 1099 from your Brokerage/Investment Account for Dividends you received and Stocks and Bonds you sold.

#11) If you own a Private Home, Vacation Home, or Time Share, we need the Mortgage Interest; Real Estate Tax; School Tax; Town Tax; Community/Village Tax; Sales Tax you paid for Boat and Automobiles; and Home-Owners Association (HOA) dues/fee you paid on each property.

#12) If you own a Condo or Co-op., we need the Mortgage Interest you paid your bank PLUS the Letter you received from your Condo Board or Co-op Association that shows the number of shares you own(Condo), and Mortgage Interest and Real Estate Tax you paid from the maintenance fee you paid.

#13) If you own Rental Property, we need the Rent you collect from tenants and from the City/State; and the Mortgage Interest, Real Estate Tax and Expenses you pay to maintain the property.

#14) Your Credit Card or Bank Account Information to pay for the service.

Clients Testimonial:-

"Working with Clem for over 8-years has helped me correct business mistakes that I never thought I made. He is hands-on and he always make me feel comfortable and assured me that I have someone on my side helping me to succeed.

The first day I talk to him I knew instantly that I am in capable hands when he get straight to the point quickly and says:- "I have worked in a bakery, two restaurants, and a hotel before I started my career in Taxation. I am happy I am able to merge those hands-on experiences with my knowledge of Accounting and Taxation; and I helped many people become successful in the hospitality industry!"; and then he brings out the proof" - Jane, K (CA).

Overview of the Hospitality Industry

*The Importance of Hotels in New York:- The Hospitality Industry employed 13 million workers in the USA. However, hotels employ over 50,000 New Yorkers, paid $3.2 Billion in New York City taxes; and contribute $22 Billion annually to the NY economy, according to a research done by "CRAINS" New York Business.

*Payroll Cost:- What is a good Payroll to Revenue Ratio Benchmark? Based on the US Census Data, and according to a research done by the Accounting firm PwC, total payroll cost that exceeds 30% of Gross Revenue is one of the most common reasons for business failure in the hospitality industry.

*Labor Costs Vs Total Expenses paid:- The Global Annual Revenue generated in the Hospitality Industry is over $500 Billion. Labor Cost average 50% of the Total Operating Expenses. The 3 biggest expenses are Payroll, Electricity, and Gas. Hence, Customers acquisition and Retention; and Revenue Management are the corner stones for operating a profitable and successful hospitality business.

*Departments:-(Management; Human Resource; Front Desk; Sales; Room Reservation; Food & Beverages; Housekeeping; Catering; Kitchen; Purchasing; Receiving; Laundry; Dishwashing/Scullery; Billing & Accounting; Security; Engineering; etc.).

*State/City Reports:- Sales Tax; Hotel Occupancy Tax(HOT); Payroll Tax; Property Tax; Alcoholic Beverage; Food Handlers License; Health & Fire Inspection; etc.

*R&D:- Meals & Beverages that are developed in the test kitchen before they are Rolled-out (put on the menu and offered to the public).

*Food:- Staples, Perishables, Frozen and Liquor.

*Cover Charge:- It is a fee charged per person for admission to a Restaurant, Bar, and Night Club. It is in addition to the cost of food and drinks. Restaurants can add a cover charge as a percentage to the final bill, in lieu of tips; and shared the cover charge among the restaurant and its employees. However, in some cases restaurant are known to keep the cover charge and allow the waiters to collect tips separately.

*Areras of Control:- Purchasing, Receiving, Storage, Preparation, and Delivery. A food cost percentage is the barometer for Cost Control. It should be compiled weekly or monthly. Food cost that is out of line by 3% is cause for concern. Trobleshooting this problem will determine the cause; and a solution should be found.

*Chefs:- Plan menu, Food Preparation & Supervise kitchen Staff.

*Steward:- Prepare menu in conjunction with Chefs, purchase food & supplies, set-up food and inventory controls, supervise the Scullery(dishwashing) and Sanitation requirements, Purchasing and Control of liquor, and Supervise Bartenders.

*Maitre dhotel(Head Waiter):- All dining room service and Training & Performance of dinning personnel (Waiters & Bus Boys).

*Food & Beverage Delivery:- Speed, Accuracy, and Consistency in quality and taste must be priority #1.

*Management: Operating budgets; Points-of-sale; Staff scheduling; Employees turnover; Payroll & Tips Reporting; Guest Relationship; Inventory(Re-order point, Just-in-time, First-in-First-out); Reservation/bookings; Ambiance; Kitchen/menu; Catering; Food Trucks; Drive Through; Curb-side pick-up; On-line ordering; Open Table; Wait-list; Take-out ordering; Automated e-mail campaigns; and Liquor over pouring and giveaways.

*General Sales: (Rooms/lodging; catering/banquet; seminars/convention; and trade shows); food; liquor; beer; wine; non-alcohol beverages; gambling; retail merchandise; etc.).- Profitability and Variance Analysis.

*Operating Expenses: (Payroll & Payroll Taxes; Sales Tax; Liquor License; Occupancy Tax; Kitchen Equipments; Utensils; Furnitures & Fixtures; Linen; Uniforms; Health/Fire Inspection; Food & Beverage Cost; Spoilage; Marketing & Promotion; and General Overheads expenses not mention here.):- Food Cost 30%-35%; Labor 20%-28%; Beverage15%-20%; etc. Those costs will change as Ocean Freight and Local Delivery costs increase.

*Accounting:- Budget and adequate Working Capital, and Immediate/Short Term Cash Flow (Maintain accurate records for efficient operation and for Tax/Audit Purposes) Income, Costs and Expenses for Food, Beverage, Purchasing, Receiving, Requisitioning and Catering, etc.

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