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

Have You Received an Increase In Visa/MasterCard Charges?

August 28, 2006By KROST

Publication: KROST Well, it’s that time of the year again in which some credit card processing providers will announce that there is an increase in Visa/MasterCard rates and these rates must be passed on to you. Have you received such a notice in your February, March or April merchant statement announcing this increase for May or … Read More

IRS Announces New Tip Reporting Program

July 28, 2006By KROST

Publication: IRS Website WASHINGTON — The Internal Revenue Service today released formal guidance on its new tip reporting procedure, the Attributed Tip Income Program (ATIP) ATIP expands the existing IRS tip reporting and education program by offering employers in the food and beverage industry an additional tip reporting program. ATIP reduces industry recordkeeping burdens, has simple … Read More

The ABCs of Watching Out For Employee Theft

October 25, 2005By KROST

Publication: KROST Monthly News Release Approximately 95% of all businesses now experience some type of employee theft totaling an estimated $52 billion dollars a year. Cash-based businesses such as restaurants and bars are even more vulnerable to theft by employees. While it would be nearly impossible to eliminate employee theft and dishonesty completely, we can gain … Read More

Minimum Wage Increase Vetoed

October 4, 2005By KROST

Publication: California Restaurant Association Email AB 48, by Assembly Member Sally Lieber, was vetoed by Governor Arnold Schwarzenegger late last week. This bill would have raised California’s minimum wage by $1 and would have tied future increases to a cost of living adjustment. CRA lobbyists fought hard against AB 48 this year, just as they did … Read More