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Sales Increase in Third Week of February
Same store sales crossed into positive territory in week three of February, breaking a five week long streak in which sales did not surpass those of the previous year. Independent grocers are reporting that same store sales were up 1.62 percent in the third week of the month, with customer counts also up 1.94 percent.
Tomorrow the Bureau of Labor Statistics will release the unemployment report for February. This will reflect the first full month of unemployment data under the Trump administration.
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| Final Chance to Participate in 2017 Independent Grocers Financial Survey
This collaborative effort between FMS and the National Grocers Association is in its twelfth year and has become more important than ever. This survey is the only one of its kind to deliver the type of benchmarking and industry knowledge critical to understanding our landscape.
We understand the value of your time, which is why we offer a free copy to everyone who participates. We hope you’ll become part of this important study.
All the information you submit to us is completely anonymous. No identifying information will be included in the survey or shared with anyone.
Participate in the 2017 Independent Grocers Financial Survey
Alternatively, you can download and print the survey.
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| Same Store Sales
% Change from last year
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Same Store Sales – Previous Months
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BGBC Partners, LLP Tax Update: Deducting Casualty, Disaster and Theft Losses Due to the destruction from the forest fires in Tennessee, historic flooding in Louisiana, and Hurricane Matthew, natural disasters have been prominent in the media in this past year. After the storm has cleared, that is when the dirty work begins. The damage assessment begins, and a plan for recovery is needed. Likewise, when you or your business suffer a theft loss, the consequences can be just as devastating.
The recovery process can be overwhelming for affected individuals and their businesses. We hope you or your business never experience a catastrophic casualty event or theft loss, but if you do, there may be some tax relief, and that is the topic of this week’s Tax Update.
First off, what qualifies as a tax deductible “casualty, disaster or theft loss” in the Tax Code?
In general, a casualty loss can result from the damage, destruction or loss of your property from any sudden, unexpected, or unusual event such as a flood, hurricane, tornado, fire or earthquake. A Disaster Area Loss results from a disaster which occurs in an area declared by the President to be eligible for federal assistance. A theft is the taking or removal of money or property with the intent to deprive the owner of it, and is considered illegal under the state where it occurred.
If insurance covers the casualty loss property, you may only deduct the casualty loss if a timely insurance claim is filed. Insurance money reduces the amount deductible for tax purposes. Deductions for casualty losses are available for both individual and business taxpayers; however, the calculation varies for each.
Individuals may claim a deduction for casualty losses only if they file a 1040 to itemize their tax deductions. The casualty loss (after reduction for any insurance proceeds received) that may be claimed is the lesser of- The adjusted basis of the property (the cost of the property including additions and improvements less any depreciation) immediately prior to the event, or
- The decline in the property’s value (its FMV immediately before the event less its FMV immediately after the event)
Also for individuals, the casualty loss is then reduced by $100 per loss event plus 10% of the individual’s adjusted gross income.
For corporations and partnerships, the deductible casualty loss calculation is simpler. The amount of loss the business is eligible to deduct is the lesser of:- The decrease in the FMV of the property because of the casualty event (if not destroyed completely), or
- The adjusted basis (net book value) of the property immediately before the even
Losses are generally deductible in the year that the casualty loss occurs. However, if the casualty loss occurs in an area declared to be a federal disaster area, taxpayers may be able to amend their prior year tax return, if already filed, to claim a current year casualty loss. This would allow the taxpayer to obtain tax funds quicker as opposed to waiting until the current tax year’s return is filed the following year.
Even though casualty losses can be devastating, relief on the financial front may be available through your tax filings to help ease the burden and recovery of your losses. Make sure you consult your tax advisor if you or your business have been affect by the unfortunate incident of a casualty loss.
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| BGBC Partners, LLP is a full service certified public accounting and business consulting practice.
For more information, contact Brad Bell, CPA or Steve Reed, CPA/ABV/CFF at BGBC Partners, LLP (317-633-4700).
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| For More Information,
Contact Mark Ehleben
877-435-9400 x1402
marke@fmssolutions.com
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