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

Where’s That Invoice Going?

August 1, 2011By Jean Hagan

From the time an invoice shows up at your restaurant until it shows up on your profit and loss statement, it travels through every significant control system you have- or don’t have! Your account number with the vendor- what are your terms? Have they been updated after doing business with them for six months? Did … 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

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

Increased Deductions for Food Donations through The Katrina Relief Act: A new opportunity for businesses to substantially increase charitable deductions

November 3, 2006By So Sum Lee

Publication: KROST Most restaurateurs know that inventory contributed to charity can be deducted based on the cost of the inventory. What many restaurants may not know is that new legislation allows a taxpayer to claim higher deductions closer to the actual value of the inventory. This results in increased deductions for restaurants, grocery stores, and any … 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