As featured by the California Restaurant Association as an Industry Insight. Below is a summary of the record-retention requirements for sales and use tax, federal and state income tax, federal and state employment tax, and federal and state requirements for various other employment-related records. This article was written in partnership with Zaller Law Group. Record-keeping Read the full article…
Every year, taxpayers are required to file, report, and pay any taxes owed from the previous year. As the tax season begins, it is crucial to gather all forms of tax documentation in preparation for the filing process. We understand that filing taxes can be a very stressful and time-consuming task, and without proper planning, Read the full article…
Cyber threats lurk at every virtual corner, ensuring the security of your sensitive data is non-negotiable. As a trusted CPA firm, KROST understands the potential to compromise data security, and the significance of equipping people with essential insights to help identify and combat hidden threats. KROST emphasizes the importance of recognizing phishing attempts, setting up Read the full article…
In 2022, the California Employment Development Department (EDD) identified approximately 158,000 misclassified workers through audits and inspections. Since then, the EDD has continued to battle misclassification between employees and independent contractors, and employers can expect to see a spike in 1099 audits specifically. While there is no guidance to determine which businesses will be selected Read the full article…
This is one of the articles in the KROST Quarterly Hospitality Issue, titled “Tax Credit for Hiring New Employees” by Kimberly Hoang, CPA. The restaurant industry took a massive hit during the pandemic. With statewide mandates enforcing closures, layoffs were necessary. As vaccines have become widely available, the industry is slowly making its way back Read the full article…
Beginning July 1st, we have local minimum wage increases taking effect in many of the cities that you operate in. In the cities of Santa Monica, Malibu, and unincorporated areas of Los Angeles County, minimum wage is increasing from $15.00 to $15.96. In the City of Los Angeles, the new minimum wage will increase to Read the full article…
