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INCOME TAXES | 12 Months Ended
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Sep. 28, 2024
Income Taxes [Abstract] |
INCOME TAXES | NOTE 10. INCOME TAXES The components of our provision for income taxes for our fiscal years 2024 and 2023 are as follows:
|  | (in thousands) |
|  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 246 |  |  | $ | 298 |
State |  |  | 305 |  |  |  | 289 |
|  |  | 551 |  |  |  | 587 |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | (282 | ) |  |  | (84 | )
State |  |  | 17 |  |  |  | 146 |
|  |  | (265 | ) |  |  | 62 |
|  | $ | 286 |  |  | $ | 649 |
A reconciliation of income tax computed at the statutory federal rate to income tax expense is as follows:
|  | (in thousands) |
|  | 2024 |  |  | 2023 |
Tax provision at the statutory rate |  | $ | 1,173 |  |  | $ | 1,273 |
Non-controlling interests |  |  | (408 | ) |  |  | (297 | )
State income taxes, net of federal income tax |  |  | 264 |  |  |  | 343 |
FICA tip credit |  |  | (1,029 | ) |  |  | (799 | )
True up adjustment |  |  | 77 |  |  |  | 89 |
Other permanent items, net |  |  | 209 |  |  |  | 40 |
|  | $ | 286 |  |  | $ | 649 |
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 and other promotional programs not redeemed within twelve months of issuance, allowances for uncollectable receivables, unfunded limited retirement commitments, book-tax differences related to operating leases, interest rate swap mark-to-market adjustments and FICA tax credit. The components of our deferred tax assets (liabilities) at September 28, 2024 and September 30, 2023 were as follows:
|  | (in thousands) |
Deferred tax assets: |  | 2024 |  |  | 2023 |
Reversal of aged payables |  | $ | 18 |  |  | $ | 18 |
Capitalized inventory costs |  |  | 26 |  |  |  | 28 |
Accrued bonuses |  |  | 52 |  |  |  | 66 |
Accruals for potential uninsured claims |  |  | 27 |  |  |  | 13 |
Gift cards |  |  | 247 |  |  |  | 223 |
Deferred revenue |  |  | 205 |  |  |  | 179 |
Tip credit |  |  | 914 |  |  |  | 570 |
Operating lease liabilities |  |  | 3,319 |  |  |  | 3,525 |
Limited partnership investments |  |  | 446 |  |  |  | 475 |
Interest rate swaps |  |  | 14 |  |  |  | (134 | )
Accrued limited retirement |  |  | 76 |  |  |  | 73 |
Subtotal |  | $ | 5,344 |  |  | $ | 5,036 |
Less: Valuation allowance |  |  | — |  |  |  | — |
Total net deferred tax assets |  |  | 5,344 |  |  |  | 5,036 |
|  | (in thousands) |
Deferred tax liabilities: |  | 2024 |  |  | 2023 |
Limited partnership management fees |  | $ | (680 | ) |  | $ | (873 | )
Book/tax differences in property and equipment and intangible assets |  |  | (1,901 | ) |  |  | (1,573 | )
Operating lease right of use assets |  |  | (3,152 | ) |  |  | (3,391 | )
Total deferred tax liabilities |  |  | (5,733 | ) |  |  | (5,837 | )
Net deferred tax liability |  | $ | (389 | ) |  | $ | (801 | )
As of September 28, 2024, the Company has federal general business credit carryforward of $914,000. General business credit carryovers can be carried back 1 year and carried forward 20 years. The company's general business credit carryforward will begin to expire in fiscal year 2040. The Company and its subsidiaries file a U.S. Corporation federal income tax return and a Florida Corporation income tax return. These returns are subject to examination by taxing authorities for all fiscal years after 2020.

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