Brian R. Israel, CPAHe | HimDirector
bisrael@orba.com
P 312.670.6225 | F 312.670.8301
Overview
Brian Israel has been with ORBA since 1992, and became a Director in 2001. During that time, Brian has gained extensive experience serving individuals, partnerships and privately-held corporations. He specializes in representing companies in various industries, including food service/restaurants, medical, manufacturing, distribution and professional service firms.
Brian provides guidance on a full-range of services, including budgeting, forecasting, tax planning, financial planning, business consulting services and tax compliance. He also works on compiling, reviewing and auditing financial statements.
Additionally, Brian specializes in tax planning and compliance for individuals, including physicians, attorneys, professional athletes and other executives. His knowledge benefits individuals throughout the various stages of their careers and into retirement.
Overview
Brian Israel has been with ORBA since 1992, and became a Director in 2001. During that time, Brian has gained extensive experience serving individuals, partnerships and privately-held corporations. He specializes in representing companies in various industries, including food service/restaurants, medical, manufacturing, distribution and professional service firms.
Brian provides guidance on a full-range of services, including budgeting, forecasting, tax planning, financial planning, business consulting services and tax compliance. He also works on compiling, reviewing and auditing financial statements.
Additionally, Brian specializes in tax planning and compliance for individuals, including physicians, attorneys, professional athletes and other executives. His knowledge benefits individuals throughout the various stages of their careers and into retirement.
Proactive
It is very important to Brian to know his clients, both the business itself and the people behind it. He prides himself in providing close personal attention. For him, that often means house calls. He will proactively visit his clients and their businesses to discuss the newest tax, accounting or industry-related items. He listens and learns about the current issues that they are facing and helps them to formulate the best solutions.
By understanding his clients, he is able to recognize opportunities that may otherwise be lost. A short-lived change in the tax law, coupled with Brian’s knowledge of his client’s situation and his proactive suggestion, resulted in a significant tax savings. In addition, Brian’s knowledge about his clients also gives him the ability to coordinate the best resources from both inside and outside of ORBA to help them succeed.
Outside of the Office
When Brian is not at his office or a client’s office, you can usually find him and his wife at one of his children’s activities, such as a baseball game, soccer game, recital or the theater. He also enjoys family road trips and releasing his frustrations on the golf course. Both Brian and his wife are very active in the Juvenile Diabetes Research Foundation.
Civic Activities
- Juvenile Diabetes Research Foundation
- Deerfield Youth Baseball Association
- Pegasus Soccer Club
Certifications & Licenses
- Certified Public Accountant
Memberships & Affiliations
- American Institute of Certified Public Accountants
- Illinois CPA Society
- Illinois Restaurant Association
Education
- B.S., Accounting, Indiana University
Blogs
Fast-Food Restaurants: Are You Making the Most of Your Drive-Through?
During the COVID-19 pandemic, drive-through sales exploded at many restaurants. This should come as no surprise to anyone. After all, avoiding human contact had become a health necessity. What may be more surprising is that in the wake of the pandemic, customers continue to be drawn to the drive-through window. According to a recent report […]
Are You Taking Advantage of the FICA Tip Credit?
If you own a restaurant, bar or other business that serves food or beverages, do not overlook the FICA tip credit. This credit provides some relief for the federal payroll taxes you pay on your employees’ tip income. You are required to withhold FICA taxes (Social Security and Medicare) from your employees’ wages and to […]
Managing the Rising Cost of Labor
Of the many challenges facing the restaurant industry today, the rising cost of labor is one of the most formidable. According to the U.S. Bureau of Labor Statistics, average hourly earnings in food and drinking establishments jumped from $15 in 2018 to $19.42 in 2022. Factors contributing to this trend include the ongoing labor shortage […]
CARES Act Creates Tax Refund Opportunity for Many Restaurants
The Coronavirus Aid, Relief, and Economic Security (CARES) Act established the Paycheck Protection Program, authorized stimulus checks for many Americans, and provided other economic relief for individuals and businesses. One provision that should not be overlooked corrects a technical glitch that has deprived many restaurants and other businesses of accelerated depreciation deductions for certain building […]
Chicago’s New Fair Workweek Ordinance: Get Ready for Predictive Scheduling
Recently, Chicago joined the growing ranks of cities that have enacted “fair workweek” ordinances. These ordinances are designed to ensure more predictable work shifts for employees in certain industries, including restaurants, allowing employees to maximize their income while maintaining a work-life balance. Chicago’s ordinance — which is expected to effect July 1, 2020 — strives to accomplish this goal by requiring employers to provide employees with at least 10 days’ advance notice of their work schedules and to compensate them for last-minute changes.
New BASSET Law Takes Effect July 1 – Are You Ready?
In the past, Beverage Alcohol Servers Education and Training was merely encouraged by the state of Illinois and only required by some local municipalities. Beginning July 1, all involved in the sale of alcohol across Cook County will be required to hold a BASSET card, and all Illinois BASSET cardholders must renew their certifications every three years. This blog outlines the basics of the new law.
New Illinois Law: Are Your Restaurant Employees Certified to Handle Food?
Effective July 1, 2014, individuals working in the state of Illinois who handle food must receive or obtain a food handler’s certificate. The certificate is obtained after the individual passes an accredited or approved training course in basic food handling principles within 30 days of employment and every three years thereafter. This article explains what you need to know about this new state law.
Gift Cards: Adding Revenue to your P&L Statement
Many restaurants estimate and recognize gift card breakage income based on their historical redemption patterns. Restaurants analyze their specific patterns of redemption and use the results to determine the amount of the unredeemed gift card balance that is estimated to have a remote probability of being redeemed. The next question to consider is how this income should be recognized on your financial statements.
Does your business traditionally close on a particular day of the week? If you analyze your profit and loss statements on a weekly basis, as many restaurants do, you may want to consider adopting an accounting period known as a 52-53 week year.
Restaurants with tipped employees should beware of the amended Department of Labor tip credit regulation that hit the industry earlier this year. If rising food costs aren’t painful enough, now those with tipped employees must be sure that their payroll policies comply with the new rules or face significant added costs.
I recently reviewed the stack of gift cards on my desk. In my case, the gift cards were predominantly from restaurants and I felt compelled to take advantage of using them by making a dinner date with my wife and friends. And of course, because I am an accountant, this got me thinking about the financial benefits for any company that issues a gift card. But for restaurants in particular, gift cards can assist in increasing cash flow and profitability.
Whipping Up a Tax Savings Recipe
Like most, one of the things I enjoy most about dining out is the atmosphere. Places like Gibson’s, Lux Bar, and a slew of other restaurants have spent hundreds of thousands of dollars building out their restaurant concept. However, it is amazing how few restaurants owners take advantage of the benefits offered by doing a cost segregation study (with exception to our clients of course).
Client Alerts
Illinois Sales Tax Deferral for Bars and Restaurants Due to Coronavirus Outbreak
Sales tax payments affecting more than 24,000 small and medium-sized bars and restaurants in Illinois can now be deferred.
