ACA Penalties and Requirements
YOU DIDN’T OFFER HEALTH INSURANCE? HERE IS YOUR $100,000 PENALTY The IRS has not forgotten about Obamacare (ACA). The IRS is sending letters to restaurants and proposing penalties in the tens of thousands of dollars unless you can prove that you complied with the...Latest COVID-19 Related News
Michigan state government has established one of the most restrictive COVID-rules and regulations for businesses in the country – especially for the restaurant industry. On Monday, November 2, new rules went into effect requiring food businesses to take down...Don’t Forget to Apply for PPP Forgiveness
You must request and be granted forgiveness for any PPP loan you obtained otherwise you will owe the money back. It is not an easy process. Instruction issued at the beginning of the PPP loan process have been changed and the forms required to be submitted have...Loan Money Still Available
Independence Business Consulting (IBC) was the firm Kallas used to manage and apply for the PPP and EIDL loans for our clients. The feedback from our clients was very good. According to our clients, IBC quickly responded to questions and got the work done in an...COVID Loans Present Unusual Tax Consequences For 2020 And 2021
The PPP and EIDL loans obtained by restaurants in 2020 will present some unusual tax consequences to restaurant owners on their 2020 and 2021 taxes. Both the PPP and the EIDL are considered loans. When you received your EIDL money, that was a loan for tax purposes...COVID-19 and How Kallas Can Help You
Since the beginning of the COVID-19 disaster, Kallas has been sending out E-Blasts informing our clients of programs and strategies for coping with the shut-down.
From mid-April until June, we sent out 22 E-Blasts letting our clients know about the various grant and loan programs, the rules at the time, changes in the rules and strategies for spending the money.
