Restaurant Industry News

Check out the latest articles, newsletters, and more! 

Articles from The Insider’s Report archives go back over several years. Some articles may include date-sensitive information or other information that has changed over time.
Please consult with your advisor or Kallas Company for updated information or if you have any questions.

If you have the U.S. equivalent of $10,000 in a foreign bank in any day of 2016 you must file FinCen form 114. Remember to tell your tax preparer.

If you have the U.S. equivalent of $50,000 in assets located in foreign countries on the last day of the year or more than $75,000 at any time during 2016, you must file form 8938 Statement of Specified Foreign Financial Asset. Remember to tell your tax preparer.

Before year end, talk to your investment advisor to see if you can take any losses against gains for the year.

If your income is high this year and you expect it to be lower next year, prepay or delay state estimated taxes or property taxes to be able to take the deduction in the high tax year.

If you are over 50, consider making a “catch-up” contribution to your IRA, Roth, 401k or SIMPLE IRA account.

For 2016, you can give up to $14,000 to as many individuals as you wish and pay no gift tax. Spouses can each gift $14,000 to any one person.

If you are eligible, for 2016 you can contribute up to $2,000 to a Coverdell Education Savings Account on behalf of a child. Contributions grow tax free and qualified K-12 and higher education withdrawal are tax free.  You have until April 15 to contribute.

Anyone can contribute up to $70,000 to a state sponsored 529 plan in 2016 without incurring gift taxes. The contributions are not deductible for federal purposes but are deductible on the Michigan return for Michigan sponsored plans.  The money contributed grows tax free and when used for qualified educational expenses, the withdrawals are tax free.

Pay attention to your profit and loss statements (P & L). The bottom line on the P & L is an approximation of what you will be taxed on at year end. This is the guide for how we tax plan for you so if anything changes or you have questions, give your Kallas accountant a call.


Read Our Current Restaurant Owner's Newsletter!

Everything the Bar and Restaurant Owner needs to know!

Like What You See?

Stay up-to-date and signup to receive our free newsletter.