January 2013 Newsletter

Happy New Year! It’s time to set new resolutions for your restaurant business. Is your restaurant up to date on current rules and regulations? How do you plan to meet your goals for 2013? Our newsletter covers several important issues during this time of the year. Pay special attention to our “Affordable Health Care” article to prepare your restaurant for new changes, get updated on taxable fringe benefits, and read about new repair vs. capitalizations and service-charge laws.

Getting Ready for the Affordable Health Care Act

Even though the Affordable Health Care Act does not technically begin until January 2014 – you are probably already behind on some required planning and administration issues. The Act is going to require all restaurant operators to know more about health care and the administration of the program than they ever wanted to know.
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Taxable Fringe Benefits, 2% Shareholder

A fringe benefit is a form of pay for the performance of services. For example, an employer provides employee with a fringe benefit when the employee is allowed to use a business vehicle to commute to and from work. Other examples of fringe benefits include: accident & health benefits, dependent care benefits…
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Release of New Temp. Regs. Under 263(A)

The biggest news that came out in 2012 was the long awaited Temporary Regs under 263(a). This clarified the rules categorizing building expenditures into capital improvements or repair expenses. However, one of the most significant rules that has changed under these Regs is the disposition of structural components of buildings.
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IRS Delays Start of Guidance on Tips and Service Charges

The IRS has extended the Rev. Rul. 2012-18, which is the deadline for taxpayers to comply with the proper treatment of service charges, until on or after January 1, 2014. Service charges include mandatory add-ons to food and beverage bills distributed to wait staff by the employer.
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New Laws Facing California Employers In 2013

There are some significant changes regarding California employers’ duties in 2013. This list is an overview of the major changes that employers should consider and be aware of at the beginning of 2013.
» More information

 

Seminar
 Restaurant Management:
Operations,  Systems & Financial Controls

Be on the look out for our upcoming restaurant  seminar (Date: TBD). The seminar covers  invaluable and informative topics such as  restaurant financial analysis, profit and loss  systems, tax issues, menu analysis, payroll  controls, and what’s coming next for the  industry. Read about our first seminar below:
» Seminar Details

 

Case Study

The challenge here was looking at the fixed assets and identifying which assets could be expensed or retired. Clients who are unfamiliar with these new rulings might not understand what may or may not be written off.
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Client Spotlight

Don Luis Camacho
Don Luis Camacho, who has taken over his family business, discusses about the history and future of his family restaurants. Learn more about Don as he shares his story with KROST.
» Read More

Resource of Professionals

Van Vleck Turner & Zaller LLP
Anthony Zaller
555 West Fifth Street, 31st Floor
Los Angeles, CA 90013
Phone: 323-592-3505
» VTZlaw.com

Testimonial

“We partnered with KBKG in 2010 to do our year end taxes, after using another firm for the previous 3 years. Greg Kniss, managing partner, helped identify a number of restaurant-specific areas that helped significantly reduce our tax liability, including switching our corporate entity, taking advantage of employee tax credits, and focusing on real and efficient tax planning. Always accessible, professional and knowledgeable…”
Bryce Rademan, Owner
Spitz – Home of the Döner Kebab
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