Food Voice – Be Heard

May 20, 2013By KROST

Restaurant operators spend a day in and day out working hard to run a profitable business. FoodVoice is a dynamic smartphone app that gives all hardworking and innovative restaurant industry players a seat at the table where policy decisions affecting restaurants are made – even on the go. The data gathered from California operators will … Read More

Release Of New Temp. Regs. Under 263(A)

January 3, 2013By KROST

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. In the past, when a … Read More

Taxable Fringe Benefits, 2% Shareholder

January 3, 2013By KROST

Fringe Benefit Overview A fringe benefit is a form of payment, for the performance of services. For example, an employer provides an employee with a fringe benefit when you allow the employee to use a business vehicle to commute to and from work. Other examples of fringe benefits include accident & health benefits, dependent care … Read More

IRS Delays Start of Guidance on Tips and Service Charges

January 3, 2013By KROST

Ann. 2012-50 The (Rev. Rul. 2012-18) ruling was originally set to be effective for amounts paid on or after 1/1/2013. The IRS has now extended the effective date to amounts paid on or after 1/1/2014. This gives clients one more year to implement procedures to ensure proper reporting if they choose to continue paying service … Read More

New Laws Facing California Employers In 2013

January 3, 2013By KROST

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. Employers Cannot Ask Applicants Or Employees For Social Media Passwords – AB 1844 This law created Labor Code section 980, which is … Read More

Don Luis Camacho

January 3, 2013By KROST

Don Luis Camacho, who has taken over his family business, discusses the history and future of his family restaurants. Learn more about Don as he shares his story with KROST. Don Luis, the Camacho name is well known in Los Angeles for Mexican Food, how did your family start in the business? My father Andy … Read More

Repair vs. Capitalization Case Study

January 3, 2013By KROST

This case study focuses on a chain restaurant with locations in various cities in Southern California. In addition to performing a cost segregation study on these restaurants, a thorough Repair vs. Capitalization study was done to provide a bigger benefit. Essentially, we took advantage of the new changes to the tax code that was implemented … Read More

Form 1099: Why It’s Important and What You Need to Know

November 7, 2012By KROST

A 1099 Form is used to report various types of income other than wages, salaries and tips to the IRS for taxation purposes. A 1099 must be issued for most non-incorporated vendors that are paid $600 or more for services rendered in one calendar year. All disbursements issued to attorneys, regardless of amount, must be … Read More

KROST’s First Restaurant Seminar: A Gourmet Hit

November 7, 2012By KROST

On September 24, 2012, KROST held their first ever restaurant-themed seminar entitled “Restaurant Management: Operations, Systems, and Financial Controls”. Hosted at the Roosevelt Hotel in Hollywood, Managing Partner, Greg Kniss, and Director of Restaurant Operations, Jean Hagan, were the featured speakers of this exciting event that covered the ins and outs of operating, owning, maintaining, … Read More

Business Intelligence Software is Driving Restaurant Profits

November 7, 2012By KROST

An important tool is emerging as an undisputed victor from the ashes of the 2008 recession, the subsequent dramatic rise in commodity prices, and other escalations in restaurant operating costs. Sophisticated restaurant operators are beginning to use Business Intelligence software (“BI”) to manage increasingly volatile P&L statements where utilities, insurance, food costs, paper costs, labor, … Read More