Operations Questions and Answers with the Washington Hospitality Association Advisory Network

Operations Questions and Answers with the Washington Hospitality Association Advisory Network https://wahospitality.org/wp-content/uploads/2018/12/QandAAdvisoryNetwork.jpg

We asked three of our advisory network members a few questions about operations. Here’s what they had to say.

 

Richard Finafrock, CPA, Peterson Sullivan LLP

Q: How do you work with the hospitality industry?

Myself and our Hospitality Industry team here at Peterson Sullivan LLP, provide traditional full-service CPA firm services to businesses and individuals operating within the hospitality industry. That includes not only restaurants, hotels and clubs, but also suppliers of products and services to those businesses.

In addition, we provide a wide range of other business services from full-service accounting solutions to consulting services related to business mergers, acquisitions and sales.

In a nutshell, my personal focus is on strategic federal and state income tax planning, as well as income tax compliance matters.

 

Q: What are the top operational challenges that hospitality businesses are facing?

From a tax standpoint, the top operational challenges I see have to do with the ever-changing tax law and related regulations. Keeping informed and up-to-date on the multitude of city, county, state and federal tax rules is a daunting task for businesses of any size. And failing to comply could subject a business to a variety of interest and penalty charges.

 

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