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

[Updated] PPP Budgeting and Forgiveness Tool

February 22, 2001By KROST

Our PPP Budgeting and Forgiveness Tool has been updated to conform to new rules and updates from the SBA, including the new categories of covered expenses. KROST’s PPP Budgeting and Forgiveness Tool allows you to budget and plan the use of PPP loan proceeds, on a month-by-month basis, to optimize forgiveness. This includes detailed staff … Read More