New Schedules K-2 and K-3 Reporting for Form 1065, Form 1120-S, and Form 8865 – What You Need to Know

August 11, 2022By Elvira Frencillo

For the tax year beginning in 2021, the IRS has implemented a new reporting requirement for partnerships, S corporations, and filers of Form 8865 to include Schedules K-2 (Partner’s Distributive Share Items – International) and Schedules K-3 (Partner’s Share of Income, Deductions, Credits, etc. – International) with their returns. What are Schedules K-2 and K-3 Read the full article…

The Timing of Tax Losses on Closed Restaurant Units

May 29, 2008By Anna Chen

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 the full article…

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 the full article…

Tax Credits & Other Related Tax Benefits

December 6, 2005By So Sum Lee

Publication: KROST Monthly News Release Running a business can be extremely difficult with income taxes often eating up a good portion of your profits. There are, however, numerous tax benefits available to businesses that most owners are unaware of. As a restaurant owner, you are probably aware that you have to pay social security and Medicare Read the full article…