New Laws Impacting Restauranteurs – What You Need to Know

May 13, 2019By KROST CPAs

Every April, KROST travels to Sacramento to participate in the California Restaurant Association’s Restaurant Day at the Capitol. This year, Jean Hagan (Principal) and Robert Benson (Manager – Restaurant Operations) attended. This annual event affords KROST and the California Restaurant Association the opportunity to lobby directly to California’s legislators about pending legislative bills that impact … Read More

Prop 65 Compliance Notice Reminder

October 10, 2018By KROST CPAs

Toward the latter part of the 1980s, Cocktail Big and Die Hard were in the movie theaters, George Michael was telling us to have “Faith” and Wahoo’s Fish Tacos opened its first location in Costa Mesa, California. On the wall in that restaurant, was one of the first chemical warning signs posted because of Prop … Read More

Budget Service for 2019

September 7, 2018By KROST CPAs

Every successful restaurant operator knows that developing an annual budget is a time-consuming, tedious project. Studies show that companies who prepare annual operating budgets are more successful than those who don’t. Advantages of having a budget include being able to anticipate expenses, set targets for growing the business, and staying within financial limits. Have you … Read More

Minimum Wage in California and Tip Distribution

July 16, 2018By Robert A. Benson

On July 1, 2018, the minimum wage in the Cities of Los Angeles & Santa Monica, and the County of Los Angeles increased. If you have not done so already, we recommend checking the minimum hourly wage settings in your POS and adjusting, if needed, to the new minimum wage. For specifics, please see the … Read More

The Adventures of the Restaurant Site Assessment

March 22, 2018By Robert A. Benson

Here at KROST, we have conducted several Restaurant Site Assessment (RSA) to help give owners and operators an insight into their processes and procedures and we wanted to share some of the interesting issues that we have come across. Sometimes, they even surprise us. At a full-service restaurant, after a 10-minute introduction, we asked the … Read More

The Big Change on Tip Distributions and Tip Credits

February 9, 2018By Robert A Benson

On December 15, 2017, The Federal Labor Department notified the Office of Management and Budget that it intends to rescind the current rule (FLSA Sec. 203 “m”) that restaurant owners can only distribute pooled tips to employees “who customarily and regularly receive tips.” The newly proposed change (29 CFR 531) would effectively return the rule … Read More

It’s Time to Start Preparing Your 1099 Forms For 2017

November 8, 2017By Robert A Benson

As the end of the year approaches, it’s time to start gathering the necessary information from your vendors to file your 2017 1099s. January 31, 2018 is the IRS deadline to file your 2017 1099 forms electronically. In order to obtain the necessary information to file your 1099-MISC, you will need to request a complete … Read More