We are committed to serving the foodservice industry by providing industry-specific accounting
services, valuable financial advice, and a comprehensive resource center for all
your restaurant's needs. We are more than just CPAs and consultants, we are
advocates for your industry keeping you informed of issues affecting your
industry and working with federal, state, and local legislators to voice your
opinion.
Business Meal Deductibility Business-meal expenditures are a legitimate business expense and should be fully deductible.
Operational
The Timing of Tax Losses on Closed Restaurant Units Taxpayers overlook the potential entitlement to a corresponding tax loss deduction at the time when permanently withdrawn from operation, mistakenly believing that a tax loss deduction is not available until the loss is realized upon the actual disposal of the sale, exchange, or otherwise.
Smallwares Treatment Rev Proc 2002-12 This revenue procedure provides taxpayers engaged in the trade or business of operating a restaurant or tavern with a safe harbor method of accounting for the cost of 'smallwares'.
Tax Strategies
FICA Tip Credit No Longer Limited by AMT Great news for restaurant operators with tipped employees- The 2007 Small Business and Work Opportunity Act of 2007 signed by President Bush on May 25, 2007 waives the limitation on the use of the FICA Tip Credit against Alternative Minimum Tax.
Resource of Professionals
Looking for help? Access our list of
trusted professionals specifically serving the restaurant industry such
as lawyers, brokers, distributors, and more.
Learn More....
Financial/Operational Analysis & Recommendations
Do you know how your restaurant is doing? Allow us to provide you
with a free in-depth, written financial analysis and recommendations
for your business based on some basic financial information.
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