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Units Taxpayers overlook the potential entitlement to a corresponding tax loss deduction at the time when permanently withdrawn from operation, mistakenly believing that a tax loss deduction is not available until the loss is realized upon the actual disposal of the sale, exchange, or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.
New Rules for Paying Tipped Employees On April 5, 2011, the Wage and Hour Division of the U.S. Department of Labor published its final amendments to regulations interpreting the Fair Labor Standards Act of 1938 (FLSA) and the Portal-to-Portal Act of 1947. Several of the amendments will impact the way restaurants pay tipped employees.
Foreign Financial Account Reporting and Amnesty Program Each U.S. person who has a financial interest in or signature or other authority over foreign bank accounts, securities accounts or other financial accounts must file a Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts or FBAR) for each calendar year during any part of which the aggregate value of the accounts exceeds $10,000. This is true even if the account has not earned any income during the year. The FBAR is due by June 30 following the year for which it applies.
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.
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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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