A California Sales Tax Audit – Your Biggest Nightmare!

January 1, 2012By KROST

Sales tax audits in the restaurant industry are inevitable, especially with states like California needing money due to the economic downturn. The problem is not the audit, but the typical results – a large assessment of tax, penalties, and interest. Audits typically encompass a four-year period and the list of documents that will be requested … Read More

Ctuit and Krost Announce Partnership

January 1, 2012By KROST

Ctuit Restaurant Business Intelligence Los Angeles, CA Phone: 415-884-4888 KROST’s managing Partner Greg Kniss has announced a new partnership with Ctuit. “We have been working with Ctuit as a way to bring valuable information to our clients to assist them in increasing their profit margins,” noted Kniss. Single and smaller multi-unit restaurant companies need the … Read More

College Culinary Program Heats Up: Campaign Kicks-Off to Raise Funds for State-of-the-Art Culinary Facility

January 1, 2012By KROST

College of the Canyons Institute for Culinary Education 26455 Rockwell Canyon Road Santa Clarita, CA 91355 College: (661) 259-7800 Foundation: (661) 362-3434 College of the Canyons officials in Santa Clarita have embarked upon a capital campaign designed to raise funds for the construction of a brand new, state-of-the-art, on-campus culinary facility, which would provide a … Read More

Is The Jury Still Out On Social Media Background Checks?

August 1, 2011By KROST

Honan, an author at Gizmodo.com, recently wrote an article (‘I Flunked My Social Media Background Check. Will You?”) about a new company that helps employers search applicant’s “internet background” to assist in the hiring process. As Mat rightly points out, much of the concern over this “new technology” is overblown, and as he puts it, … Read More

Foreign Financial Account Reporting and Amnesty Program

July 14, 2011By KROST

Reporting of Foreign Bank and Financial Accounts (FBAR) and Beyond If you have any foreign investments, you should be aware of the following: Action required before June 30, 2011: Each U.S. person who has a financial interest in or signature or other authority over foreign bank accounts, securities accounts or other financial accounts must file … Read More

COVID-19 Update for Restaurants

March 27, 2010By KROST

So… lots going on. Based on various conversations I have had with insurance representatives and attorneys, below are some thoughts about what types of actions you should be considering. Please always check directly with your insurance carrier and labor attorney for direction. Operating Hours Not sure what your decision is regarding operating. Obviously the only … Read More

[Updated Announcement] Safer at Home Ordinance & Resources

March 24, 2010By KROST

Dear Clients, Community, and Friends, With the latest announcement of Mayor Garcetti’s “Safer at Home” ordinance for the City of Los Angeles effective Friday, March 20, 2020, at 12 AM, as well as other cities, states, and perhaps the nation following suit, businesses and families have been left wondering what they are going to do. … Read More

The Timing of Tax Losses on Closed Restaurant Units

May 29, 2008By KROST

A regular part of business operations in the chain segment of the restaurant industry is the periodic review and evaluation of individual units, units within a given geographic market, and, the overall performance of particular concepts. When a unit, market, or concept fails to meet company expectations for return on investment or performance criteria, the … Read More

FICA Tip Credit No Longer Limited by AMT

June 21, 2007By KROST

The 2007 Small Business and Work Opportunity Act of 2007 signed by President Bush on May 25, 2007, waives the limitation on the use of the FICA Tip Credit against Alternative Minimum Tax. Many restaurant operators are aware of the federal FICA Tip Credit, a credit given to taxpayers (with tipped employees) equal to the … Read More