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INCOME TAXES | 12 Months Ended
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Oct. 02, 2021
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE 14. INCOME TAXES The components of our provision for income taxes for our fiscal years 2021 and 2020 are as follows:
|  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |
Federal |  | $ | 251,000 |  |  | $ | (70,000 | )
State |  |  | 176,000 |  |  |  | 113,000 |
Deferred: |  |  | 427,000 |  |  |  | 43,000 |
Federal |  |  | 649,000 |  |  |  | (88,000 | )
State |  |  | 109,000 |  |  |  | (15,000 | )
|  |  | 758,000 |  |  |  | (103,000 | )
|  | $ | 1,185,000 |  |  | $ | (60,000 | )
A reconciliation of income tax computed at the statutory federal rate to income tax expense is as follows:
|  | 2021 |  |  | 2020 |
Tax provision at the statutory rate |  | $ | 3,770,000 |  |  | $ | 446,000 |
Non-controlling interests |  |  | (1,046,000 | ) |  |  | (226,000 | )
State income taxes, net of federal income tax |  |  | 196,000 |  |  |  | 43,000 |
FICA tip credit |  |  | (297,000 | ) |  |  | (418,000 | )
True up adjustment |  |  | 115,000 |  |  |  | 43,000 |
Tax effect of rate change due to Tax Reform |  |  | (1,000 | ) |  |  | 13,000 |
PPP forgiveness |  |  | (1,576,000 | ) |  |  | — |
Other permanent items |  |  | 24,000 |  |  |  | 39,000 |
|  | $ | 1,185,000 |  |  | $ | (60,000 | )
We have deferred tax assets which arise primarily due to depreciation recorded at different rates for tax and book purposes offset by cost basis differences in depreciable assets due to the deferral of the recognition of insurance recoveries on casualty losses for tax purposes, investments in and management fees paid by limited partnerships, accruals for potential uninsured claims, bonuses accrued for book purposes but not paid within two and a half months for tax purposes, the capitalization of certain inventory costs for tax purposes not recognized for financial reporting purposes, the recognition of revenue from gift cards not redeemed within twelve months of issuance, allowances for uncollectable receivables, unfunded limited retirement commitments and FICA tax credit. F-24 Table of Contents NOTE 14. INCOME TAXES (Continued) The components of our deferred tax assets at October 2, 2021 and October 3, 2020 were as follows:
|  | 2021 |  |  | 2020 |
Long-Term: |  |  |  |  |  |  |  |
Reversal of aged payables |  | $ | 18,000 |  |  | $ | 18,000 |
Capitalized inventory costs |  |  | 26,000 |  |  |  | 22,000 |
Accrued bonuses |  |  | 96,000 |  |  |  | 166,000 |
Accruals for potential uninsured claims |  |  | 34,000 |  |  |  | 27,000 |
Gift cards |  |  | 195,000 |  |  |  | 162,000 |
Limited partnership management fees |  |  | (720,000 | ) |  |  | (192,000 | )
Tip credit |  |  | 85,000 |  |  |  | 7,000 |
Book/tax differences in property and equipment |  |  | (886,000 | ) |  |  | (507,000 | )
Book/tax differences in operating leases |  |  | 428,000 |  |  |  | 279,000 |
Limited partnership investments |  |  | 264,000 |  |  |  | 307,000 |
Accrued limited retirement |  |  | 54,000 |  |  |  | 63,000 |
Total Deferred Tax Assets (Liabilities) |  | $ | (406,000 | ) |  | $ | 352,000 |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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