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

California Follows Federal Law on Partial-Day Absences

August 1, 2005By KROST

Publication: Carlton DiSante & Freudenberger LLP, Attorneys California employers may now deduct partial-day absences from an exempt employee’s accrued vacation without fear of rendering the employee non-exempt. Although partial-day deductions have been permitted under federal law for a number of years, California law had been in limbo since a 2002 opinion letter from the Division of … Read More

Smallwares Treatment Rev Proc 2002-12

June 25, 2005By KROST

1. Purpose This revenue procedure provides taxpayers engaged in the trade or business of operating a restaurant or tavern (as defined in section 4.01 of this revenue procedure) with a safe harbor method of accounting for the cost of ‘smallwares’ (as defined in section 4.02 of this revenue procedure) (‘smallwares method’). This revenue procedure also provides … Read More

Keeping Control – Weekly Profit & Loss Reports

September 13, 2002By KROST

The restaurant industry is notoriously competitive. Over fifty percent of all restaurants close within five years of opening. In addition, profits for full services operations only average four to five percent. By paying attention to the details, an operator can increase profits significantly. A key tool used by many operators to maximize profits is a … Read More