Couple small places neat me are cash only operations. I don’t know why but in 2023 to be cash only seems a little suspect to me. Any legitimate reason?
Couple small places neat me are cash only operations. I don’t know why but in 2023 to be cash only seems a little suspect to me. Any legitimate reason?
Local restaurant is cash only. Makes a fortune. I’m talking at lunch, call 20 times before actually getting through, can’t get a table, groups eat on their tailgate in the parking lot.
Friends with the owner, he’s at a casino all the time, $100 spins like it’s nobody’s business. He still reports a ton, but he doesn’t report a ton too.
I once had a CPA tell me his side business was a great cash business. Report enough, nobody asks.
He’s at the casino washing cash.
I used to go to a very busy place for lunch. Cash business with a cash register, which they did not use. It was only used to hold the cash without being rung up. We all thought the owner was undereporting income as well as sales tax, which was collected.
That’s rare. Most restaurants have an extremely low profit margin. One good mess up can eat the profit.
Must have one hell of a location and serve up something that can be fixed fast with a lot of throughput.