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INCOME TAXES
3 Months Ended
Dec. 30, 2017
Income Tax Disclosure [Abstract]  
INCOME TAXES

(4) INCOME TAXES:

 

We account for our income taxes using FASB ASC Topic 740, “Income Taxes”, which requires among other things, recognition of future tax benefits measured at enacted rates attributable to deductible temporary differences between financial statement and income tax basis of assets and liabilities and to tax net operating loss carryforwards and tax credits to the extent that realization of said tax benefits is more likely than not.

 

On December 22, 2017 the Tax Cuts and Jobs Act (“The Act”) was signed into law, reducing the corporate income tax rate to 21%. Our accounting for the impact of The Act is complete. Consequently, we have recorded a decrease of approximately $268,000 to our net deferred tax asset with a corresponding adjustment to deferred income tax expense for the thirteen weeks ended December 30, 2017.