Not complying with the Affordable Care Act, also known as Obamacare, could cost your organization millions of dollars. Being prepared is critical to avoid these penalties that are currently being issued by the IRS, some of them for millions of dollars. Since November 2017, the IRS has been sending Letter 226J penalty notices to certain Read the full article…
Credit cards have long been the preferred payment for goods in the United States, now mobile payment solutions and credit card perks for purchases have paved the way for restaurants to transition to a cashless business. According to the 2016 U.S. Consumer Payment Study conducted by Total System Services (TSYS), 40% of Americans prefer to Read the full article…
As wages rise and the unemployment numbers continue at all-time lows, it creates the necessity to embrace technology to enhance the guest experience and drive repeat customers. This particularly impacts quick service, fast casual, and casual dining locations. Here are some of the latest digital trends: Menu Unsurprisingly, the menu is the number one factor Read the full article…
Alcohol-Impaired Driving In 2015, alcohol-impaired driving (involving a driver or motorcycle operator with a blood alcohol concentration (BAC) of 0.08 grams per deciliter or higher) contributed to 914 deaths or 28.8% of all traffic fatalities in California. On January 1, 2018, California joined 44 other states and the District of Columbia allowing free rides for Read the full article…
I grew up outside of Philadelphia (so yes – Fly Eagles Fly)! I’m not going to disclose my age and will hereafter refer to this time as “back in the day”. So, back in the day, there was a famous restaurant near Head House Square called Bookbinders. Opened in 1893, It was originally referred to Read the full article…
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 the full article…
As the dust is settling from tax reform, restaurant owners should be aware of some changes that may have a substantial impact on their tax liability, both positively or negatively. In this post, we discuss the rules related to capital expenses and depreciation for restaurateurs that own buildings or have paid for significant improvements to Read the full article…
We are fortunate to have clients that are an integral part of the history of dining in Los Angeles such as El Cholo Cafe. El Cholo Cafe traces its history all the way back to their first restaurant, which opened in 1924 on Broadway and Santa Barbara Street (near the Coliseum). It has remained a Read the full article…
There are several changes in the new tax code that may or may not affect your sales. We are particularly concerned about lunch and daytime event sales, as these are the areas that could be affected the most. Code section 13304 in the Tax Cut and Jobs Act (TCJA) amends the IRC section 274 about Read the full article…
Are you planning to expand your restaurant business? Do you plan to open new stores? Do you need outside capital to fund that expansion? Here are five steps to take now to improve your chances of successfully raising capital – debt, equity, or both. 1. Make Sure Your Books are in Good Order Most restaurant Read the full article…
