NEW YORK, NY, September 15, 2013 /24-7PressRelease/ -- BlogTalkRadio recently featured another interview with popular guest Anil Melwani, the president of New York CPA firm Armel Tax. As with his previous appearances, this interview is part of The Voice of Manhattan Business podcast, with host Bruce Hurwitz from the Manhattan Chamber of Commerce. The topic this time around was "Accounting and Tax Issues for the Hospitality Industry."---
Melwani made his first debut on the program in November of 2012, and he is now a frequent guest and resident expert on all tax matters. Previous discussions included topics on tax issues common to small business owners, such as the importance of establishing strong payroll systems and upcoming tax law updates. Because of his experience with accounting and finance, Melwani continues to be an important business voice in Manhattan and the wider metro area.
During the latest interview, Hurwitz asked Melwani to discuss various tax issues related to the hospitality industry, an area of specialty for Armel Tax. Melwani elaborated on the complex issues of tipping within the industry, which involves more than 24,000 establishments in New York City alone.
Melwani stressed that the IRS has narrowed its definition of tips, such that establishments are no longer allowed auto-gratuities as add-ons to the bill for any party of any size. Those establishments who continue to apply "auto-grats" face paying their workers a higher minimum wage, adding sales tax to the auto-gratuity, and losing the FICA tip credit.
Listen to the full interview here: http://www.blogtalkradio.com/mcofc/2013/08/28/accounting-and-tax-issues-for-the-hospitality-industry .
Regarding the impact of Obamacare and the recently established New York Health Care Exchange on the hospitality industry, Melwani reminded listeners that any establishment with 50 or more workers must eventually comply with the requirement to provide health coverage for their employees or face steep fines during tax season.
Melwani also commented: "Eventually, when [Obamacare] does come into play, it does mean that establishments will do whatever they can to have less than 50 employees, which of course is not good at all for job creation and job growth in any industry, really." However, he later acknowledged that future tax credits will be in place to help employers pay insurance premiums.
Hurwitz rounded out the discussion with questions about appropriate bookkeeping practices for the hospitality industry, updates on tax law for 2013, and how to be organized and avoid audit risks.
Armel Tax & Accounting Services, founded in 2008 by Anil Melwani, specializes in small business tax consultations as well as tax preparations, bookkeeping, and all areas of tax for local and national businesses. Previously, Melwani served as the Vice President of Armel Enterprises Inc., a company specializing in the import and distribution of home furnishings. He oversaw the financial operations of this small business for five years, serving as the basis for his small business expertise today. He was previously involved in audit engagement with Deloitte & Touche.
Anil Melwani and Armel Tax are equipped to handle all tax issues, simple or specific. Contact Armel Tax for a free consultation.
Armel Tax and Accounting
230 Fifth Avenue, Suite 1516
New York City, NY 10001
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