In the hospitality and entertainment industry, seasonal changes can be a significant financial factor. This seasonality can result in windfalls during busy months and dry spells during slower months. Many of our clients have relied on LaPorte’s industry professionals to provide guidance on pressing issues such as cash-flow management or to assist with other needs such as FICA tip credit calculation and tip reporting, sales tax issues, and inventory control.
The LaPorte Hospitality and Entertainment Industry Group offers in-depth knowledge of the unique audit, tax, and advisory needs of boutique and chain hotels, established and closely held restaurants, multiple-location entities, and franchises, industry supporting vendors, and entertainment venues.
Our seasoned professionals and long-term industry focus mean you will not waste time or resources educating us on the unique aspects of your industry. Two of our industry group members are certified hospitality account executives (CHAEs) and many are active in a variety of trade organizations and associations, including Hospitality Financial Technology Professionals, the Louisiana Restaurant Association, and the New Orleans Metropolitan Convention and Visitors Bureau.
Services to the hospitality and entertainment industry
- Year-end audits, reviews, and compilations of financial statements
- Financial statement preparation
- Tax planning and preparation for entities and owners
- Accounting system consultation, setup, and training
- Monthly/quarterly/annual accounting consulting
- Accounting operation, system, procedure, and internal controls reviews
- Accounting outsourcing, including controllership services
- Cost segregation studies
- Sector-specific consulting
On January 1, 2020, approximately 1.2 million more U.S. workers will become eligible for overtime pay. The Department of Labor