Restaurant Industry News

Check out the latest articles, newsletters, and more! 

Articles from The Insider’s Report archives go back over several years. Some articles may include date-sensitive information or other information that has changed over time.
Please consult with your advisor or Kallas Company for updated information or if you have any questions.

Introducing Accounting Software: Restaurant365

Specialized Software For Restaurants For over 40 years myself and Kallas Company have provided accounting, tax and payroll services exclusively to independent restaurant owners. So, naturally we are highly attuned to any improvements in software or procedures that...

Generous Tax Credit May Be Available

The WOTC (Work Opportunity Tax Credit) can be used to reduce your taxes.
It is a Federal credit calculated off your payroll and is based on you hiring certain hard to employ target groups.
If you hire a person who belongs to one of the groups, you can obtain the credit

ACA Still Around

YOU DIDN’T OFFER HEALTH INSURANCE? HERE IS YOUR $100,000 PENALTY
REMINDER UPDATE ON WHAT YOU NEED TO DO
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 rules.

2019 ACA Timeline

AFFORDABLE CARE ACT (OBAMACARE) SERVICE TIMELINE FOR 2019/2020 Nov 20, 2019Dec 1, 2019Jan 1, 2020Jan 31, 2020Feb 28, 2020 Kallas Services Your Responsibilities Kallas will send ACA Service Agreement & fee chart   Review Service Agreement and applicable Fee...

Warning – Misclassifying Employees Can Be Costly

Contractor versus employee status is a grey area with plenty of definitions and interpretations. In some industries, it is common practice to employ contractors. Contractors give employers the flexibility to get certain jobs done without hiring a full-time employee.

IRS Warning of Higher Penalties

The IRS has increased penalties again for late or non-filed 1099 or W-2’s For the last few years, the IRS has been ratcheting up its effort to match all income from whatever source to personal tax returns.  The reason is obvious.  Audits are easier and income that may...

New Photo App Saves Time

NOT EVERYTHING OUT THERE IS WORTHWHILE Seems like every day some new technology is being introduced to the restaurant industry. Kallas spends a good amount of time from May to November each year testing and evaluating restaurant-related software applications to see if...

This is the Time of Year to Assess Your Tax Situation

DO YOU NEED TO START PAYING OR INCREASING YOUR ESTIMATES? HOW WILL THE 20% QBID DEDUCTION EFFECT YOU? Restaurant owners and other business owners have to pay attention to their tax situation more than other taxpayers.  Your income can vary from year to year and...

3 Tax Benefits You May Not Be Getting

In prior years the home office deduction was somewhat risky. The IRS seemed to audit that deduction frequently and there were complications due to apportionment of expenses between personal and business and depreciation on your home.

Form I-9 Compliance

FROM THE DEPARTMENT OF “HOW TO MAKE THE SMALL BUSINESS OWNER SUFFER EVEN MORE” Last month, I had to refer one of my well established, long-time clients to an immigration attorney. He got hit with a $141,000 penalty from Homeland Security. What was his sin?  He did not...

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