February 2017 Newsletter
Los Angeles CPA Firm - Restaurant Consultant

It’s time for a fresh start and new resolutions for your restaurant business. Is your restaurant prepared for the year ahead? Our newsletter covers several important issues that will assist in your planning. Get updated on new laws and provisions including minimum wage, sick leave, sales tax change, 8027 forms, 1099 information, Futa Tax Credit Reduction and more. Read our “Main Entrees” section for information on Directors & Officers Difference in Conditions (DIC) Coverage, an article by Debbie Sommars that highlights important lease information, and section to highlight some of our amazing clients. We will be attending several events in the new future including the Franchise Times Finance & Growth Conference, Ctuit Software User Conference and the National Restaurant Association Show spread throughout the first half of this year. Lastly, check out our “Sides” section for a client profile for Pedalers Fork and great testimonials.


 

 

Why Should I Buy Directors & Officers Difference in Conditions (DIC) Coverage?

Most companies today understand the need for Directors & Officers (D&O) liability insurance, but most are not aware of the need for Side A Difference in Conditions coverage. Private company D&O liability insurance is designed to protect …» Read More

Santa Monica Sick Leave Provisions

On January 1, 2017, the provisions of the sick leave law went into effect for the City of Santa Monica. For small businesses in Santa Monica with 25 or fewer employees, workers can earn up to 32 hours of sick leave. For larger businesses with 26 or more employees in Santa Monica, workers can earn up to 40 hours of sick leave… » Read More

Ever Think about Your Lease(s)?

Ever think every article, blog or hashtag talks about chain restaurants or large publicly traded companies? The independent restaurant operators make up about 70% of the American restaurant industry. Overwhelmed by everything you need to know to get into the location you love?
» Read More

$15 Minimum Wage

Whether we like it or not the $15.00 minimum is a reality and it will be here before we know it. As of January 1, 2017 the California state minimum wage is $10.50 an hour. Keep in mind most cities and counties are on their own accelerated schedules and will be well above the state minimum come this summer. » Read More

Client Kudos!

Congratulations to our client Spitz on 10 years of growth and success! We had the privilege of joining for their 10-year anniversary in Eagle Rock! We joined the founders Bryce Rademan and Robert Wicklund on their newly finished patio along with their friends, family and staff to celebrate this successful and expanding brand…
» Read More

De Minimis Capitalization Election

The IRS has implemented the tangible property regulations (TPRs) (T.D. 9689) effective for taxable years ending on or after January 1, 2014. The TPRs provide de minimis safe harbor for taxpayer to deduct up to $2,500 of expenditures (or $5,000 if applicable financial statements are prepared), regardless of whether the… » Read More

Deductions are More Valuable in 2016. Accelerate Them.

 

It may have been one of the most hotly contested, controversial campaigns in living memory, but there can be no denying the outcome of the 2016 US presidential election is generally friendly for business. President Donald Trump and the Republican Party both agree that that tax reform is a top priority to help stimulate the economy. » Details

 

Franchise Times Finance & Growth Conference
March 13-15th at Encore Hotel, Las Vegas

KROST CPAs is attending the Franchise Times’ Annual Franchise Times Finance & Growth Conference. » Details

Ctuit Software User Conference
May 1st-3rd in Napa, California

KROST CPAs is attending the Ctuit Software’s Annual User Conference, an invite-only event.
» Details

National Restaurant Association Show
May 20th-23rd in Chicago, Illinois

KROST CPAs will be attending the National Restaurant Association Show in Chicago.
» Details


Sales Tax Change:
Effective Jan. 1, 2017, the sales and use tax rate dropped in the State of California by 0.25%. The rate was lowered one quarter of a percent, from 7.50% to 7.25%, according to the state Board of Equalization (BOE). » Read More

8027 Notice:
It’s that time of year again to calculate your tip liability. 8027 forms are due annually by the last day of February on paper, or March 31st electronically. » Read More

1099 Notice:
Form 1099-MISC is an IRS tax return document used to report miscellaneous payments made to non-employee individuals, such as independent contractors, throughout the year. » Read More

Futa Tax:
The U.S. Department of Labor announced that California and the Virgin Islands are subject to the 2016 FUTA credit reduction. » Read More

Client Spotlight

Pedalers Fork
Just walking into Pedalers Fork you can get the feeling right away that this is something special. The detail of the design and the quirky layout…
» Read More

Testimonials

“Jean, Marc, Jane and the rest of the Krost team are amongst the finest group of financial consultants I’ve ever dealt with…”
Steve Rich

Bottlefish Holdings, LLC » Read More

“KROST is a model of professionalism, business savvy, and downright good people…”
Gideon Kleinman

Pedalers Fork / 10 Speed Coffee
» Read More