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INCOME TAXES

12 Months Ended

Oct. 01, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 12. INCOME TAXES

The components of our provision for income taxes for our fiscal years 2022 and 2021 are as follows:

		2022				2021
Current:
Federal		$	302,000			$	251,000
State			262,000				176,000
Deferred:			564,000				427,000
Federal			172,000				649,000
State			27,000				109,000
			199,000				758,000
		$	763,000			$	1,185,000

A reconciliation of income tax computed at the statutory federal rate to income tax expense is as follows:

		2022				2021
Tax provision at the statutory rate		$	2,061,000			$	3,770,000
Non-controlling interests			(575,000	)			(1,046,000	)
State income taxes, net of federal income tax			210,000				196,000
FICA tip credit			(744,000	)			(297,000	)
True up adjustment			43,000				115,000
Tax effect of rate change due to Tax Reform			—				(1,000	)
PPP forgiveness			(252,000	)			(1,576,000	)
Other permanent items, net			20,000				24,000
		$	763,000			$	1,185,000

We have deferred tax liabilities and 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.

The components of our deferred tax assets (liabilities) at October 1, 2022 and October 2, 2021 were as follows:

			2022				2021
Reversal of aged payables		$	18,000			$	18,000
Capitalized inventory costs			26,000				26,000
Accrued bonuses			84,000				96,000
Accruals for potential uninsured claims			19,000				34,000
Gift cards			198,000				195,000
Limited partnership management fees			(862,000	)			(720,000	)
Tip credit			71,000				85,000
Book/tax differences in property and equipment			(1,106,000	)			(886,000	)
Book/tax differences in operating leases			488,000				428,000
Limited partnership investments			394,000				264,000
Accrued limited retirement			65,000				54,000
Total Deferred Tax Liabilities, Net		$	(605,000)			$	(406,000)

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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

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-Publisher FASB
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