At KROST, we offer tax, accounting, and consulting services with an industry-focused approach. Our objective is to educate on timely issues impacting you and/or your business.
Come join our webinars and learn.
TUES, MAY 4, 2021 | 10:00 AM - 11:00 AM PDT
• Differences between service charges and tips
• The current guidelines
• Best practices, and
TUE, JUL 13, 2021 | 10:00 AM - 11:00 AM PDT
• Discuss the challenges of opening a new restaurant concept or additional location
• Define what a proforma is and how it is produced
• Highlight the value and utility of having a proforma and how it can influence you to make better business decisions
TUE, SEP 21, 2021 | 10:00 AM - 11:00 AM PDT
Subscribe to KROST to access our webinar recordings & download past presentations
PPP 2021 Program – Updates on Loan Applications, Rule Changes, Eligibility, Forgiveness, and Interaction with ERTC
The PPP loan program is evolving fast with new rules on Second Draw applications, including a 2-week pause on companies with 20 or more employees and new calculations for sole proprietors. In addition, both the lenders and the SBA are reviewing, rejecting, and putting holds on many applications because of API errors, compliance failures, and First Draw Loan issues.
Join us for our latest PPP Webinar, hosted by Paren Knadjian, on the latest on the PPP loan program applications, best use of loans, and interaction with ERTC.
• Define the types of loss that commonly occur in the restaurant industry
• Identify which forms are most likely taking place
• Review practical operational solutions
Employee Retention Credits: Qualifications, Benefits & Refunds
Jason Melillo, CPA (Principal - Accounting, ERTC) and Jeff Kamin, CPA (Manager, Accounting, ERTC) hosted a webinar on Employee Retention Tax Credits (ERTC). In this session, they reviewed the details of the recently passed Taxpayer Certainty and Disaster Tax Relief Act of 2020, including:
• Qualifying companies – aggregation rules, full-time employee limitations
• Qualifying wages – healthcare costs
• Reporting requirements and refunds
• Interaction with PPP loans, including the difference between the 2020 and 2021 credit rules and calculations
• Understanding how companies can immediately benefit from this valuable refundable tax credit
PPP Second Draw Loan Program & the Revised Employee Retention Credit – Eligibility and Process
Paren Knadjian (Practice Leader, M&A, and Capital Markets), Stacey Korman, CPA (Principal), Sossi Bekarian, CPA (Senior Manager), and Jeff Kamin, CPA (Manager, Accounting, ERTC) hosted a free webinar on the PPP Second Draw Program & Employee Retention Credits. They reviewed the details of the recently passed Coronavirus Response & Relief Supplemental Appropriations Act including:
• Revised PPP rules and Second Draw PPP Loans – eligibility, calculations, applications process
• Tax provisions related to government-backed loans
• EIDL loans and grants
• Revised Employee Retention Tax Credits (ERTC) – interaction with PPP loans, 2020 and 2021 credit rules and calculations
The SBA has opened the PPP loan portal on Monday, January 11, 2021, and ERTCs will be available for both 2020 and 2021. Join this informative session so that you are prepared to take advantage of this latest round of emergency funding.
PPP Second Draw Program – Rules for Eligibility and Forgiveness w/ Live Q&A
The $900 billion COVID-19 relief Bill has been published, and even though it has not been signed into law, it contains all the details of the new $284 Billion Paycheck Protection Program, including rules for eligibility, maximum amounts, new qualified expenses, and simplified forgiveness application documentation. It also contains definitive rules on the tax deductibility of expenses forgiven under both the Initial and Second Draw loan program.
This webinar gave sufficient details about the program so that customers are prepared and ready to apply as soon as lenders make new PPP loan applications available.
• Learn the basics of how to construct a yearly financial budget and the benefits of doing so
• Understand how to implement a budget into your daily operations
• Discover how to decipher the information in your Financial Statements and convert that data into beneficial business decisions
PPP Forgiveness for Restaurants w/ Live Q&A
Since the CARES act was passed into law on March 27th, 2020 there has been a lot of updates on procuring, managing, and seeking forgiveness on PPP loans. In addition to the Paycheck Protection Program Flexibility Act, which was passed into law on June 5th, 2020, the Dept of the Treasury and the SBA have issued 25 Interim Final Rules and 80 FAQs on the subject. In addition, they have recently issued a new application form (3508S) for PPP loans of less than $50,000, and a questionnaire form (3509) for recipients of PPP loans equal to, or greater than, $2 million.
This webinar will:
- Summarize the current rules on PPP loan forgiveness
- Address the new updates from the SBA/Treasury
- Summarize the lessons learned from loan forgiveness applications that the KROST team have been working on, on behalf of clients
- Give an update on EIDL loans
- Give an update on the Main Street Loan Program
- Highlight any news regarding a new federal stimulus program and the potential PPP 2 loan program
The webinar will be hosted by Paren Knadjian, head of M&A and Capital Markets at KROST, and a preeminent expert on US government-backed loans.
The Impact of the 2020 Election on Wealth and Taxes
Philip Clark, CFP®, will discuss the differences between the two presidential candidates’ tax proposals as we look toward the next four years. Each candidate’s proposed plan differs drastically from the other with unique impacts on individuals and businesses depending on the outcome of this race.
During this webinar, hear insights on how the elected candidate could impact:
- Individual Taxes
- Capital Gains & Step Up in Basis
- Tax Credit for Retirement Savings
- Pass Through Business Income
- Corporate Tax Rates
- Payroll Taxes
KROST’s Recipe for Accurate and Efficient COGS
Our webinar will cover the real-life benefits a client can expect from KROST’s implementation of Plate IQ and COGS-Well. The KROST team provides a unique perspective derived from decades of first-hand experience running high-level restaurants, accounting expertise, and long-standing partnerships with leading industry technology companies. This partnership allows KROST to outline a systemized process that will utilize both platforms in the most effective manner by creating cost-saving efficiencies outlined below or tailored to your specific business needs.
- Stout relationships with our software partners result in advantageous pricing for KROST clients
- Direct/Personalized support sitting between you and the software support team
- Leveraging Technology to manage your Bill Pay, Inventory, and COGS
- Validating current information, ensuring recipes are accurately scaled, and/or converting pre-existing recipes into proper format
- Future menu and recipe development based on elevated reporting that you now receive
- Vast knowledge of products and industry-standards
- Creating processes to improve efficiency while tailoring them to your business model
- Time savings via automation, the new value of time in our COVID environment
- We are the bridge between Technology and Operations
Derek Johnson, KROST CPAs, is a Restaurant Operations Consultant at KROST. He has 15 years of operational and leadership experience with a variety of restaurant concepts.
PPP Forgiveness Application Review Service for Lenders and Borrowers
Since the CARES Act passed into law in March, there have been new laws, multiple rule publications, and over 50 FAQs released by the SBA. KROST’s subject matter experts have kept up-to-date with these changes to ensure that its clients are abiding by these rules.
KROST is now using this expertise to provide a PPP Loan Forgiveness Review Service for lenders and borrowers. This will involve independently checking all the calculations made by the borrower as part of the forgiveness application, including eligible expenses, full-time equivalent employees, and salary/hourly wage reductions to ensure compliance with SBA rules. In addition, KROST will review the supporting documentation provided by the borrower for verification.
In this webinar, learn about the KROST PPP Loan Forgiveness Review Service for lenders and borrowers, and how it addresses the forgiveness process in a timely and efficient manner, while ensuring compliance with the SBA’s rules and guidance.
The PPP Loan Forgiveness Application Process
Since the CARES Act passed into law in March, there have been new laws, multiple rule publications, and over 50 FAQs released by the SBA. KROST’s subject matter experts have been consulting with PPP borrowers throughout the process, beginning with assistance on loan applications and subsequently collaborating with clients to best use the loan proceeds to ensure the expenses are permissible and maximize forgiveness.
Now, it is time to consider a loan forgiveness application. We reviewed the key rules, calculations, timing, and procedures involved in the process. We also presented the details of the KROST PPP Forgiveness Application Review Service and how it can help borrowers ensure they qualify for forgiveness and to maximize the amount of forgiveness.
PPP Rule Changes and Forgiveness Update
Following the passing of the Paycheck Protection Program Flexibility Act (PPPFA), and subsequent updates from the SBA, Paren Knadjian, head of M&A and Capital Markets hosted a webinar that:
(a) Gave details on PPP rule changes and clarifications
(b) Highlighted how these changes affect forgiveness of the loan
(c) Demonstrated the latest version of the KROST PPP Budgeting and Optimization Tool
(d) Gave an update on EIDL and Main Street Loan Programs
The Employee Retention Credit: A Valuable Alternative to Emergency Loans
Informative webinar that provided the latest guidance on applying for the Employee Retention Credit (ERC). The credit, equal to 50% of the first $10,000 of “qualified wages” paid by an “eligible employer,” could be a valuable alternative for those who either did not apply or did not qualify for PPP and other emergency loans. The session will focus on who is eligible for the credit, how to compute the amount of the credit, how to claim the credit, and how it interacts with other benefits provided by the CARES Act.
PPP – Calculating, Optimizing and Tracking Use of Funds to Maximize Loan Forgiveness
Paren Knadjian, Head of M&A and Capital Markets at KROST, gave an update on the latest guidance on the use of PPP loan proceeds, best practices on the use of proceeds, and demonstrated the KROST PPP Budgeting and Forgiveness Maximization Tool. This proprietary tool allows users to plan, budget and track expenditure on a week-by-week basis and has all the current known rules on forgiveness programmed into it.
Emergency Loan Programs for Economic Relief
Webinar that covered the latest update on the state and national emergency loans available for small to medium-sized businesses (under 500 employees).