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.

Visa & Mastercard class-action lawsuit may yield cash back for you!

Interchange Fess AntiTrust Litigation
There has been a class-action suit filed against Visa, Mastercard and Defendant Banks for over-charging on their fees. A new settlement has been reached and all eligible merchants including restaurants and bars could be eligible for a share of the settlement. The settlement is between $5.5-6.2 billion.
When a cardholder makes a purchase of food or beverage at your restaurant or bar using a credit or debit card, there is an interchange fee charged to the merchant by the bank. The fee is usually 1-2% of the purchase price including tips.
If you took Mastercard or Visa during the years January 1, 2004 and January 25, 2019, you would be a potential claimant.

ACA UPDATE FOR 2020

The Affordable Care Act (ACA) is still with us and a big administrative pain for large restaurants and restaurant chains.
It appears that the IRS is stepping up enforcement actions.

New Michigan Minimum Wage – January 1, 2020

The new rate effective January 1, 2020 is $9.65 per hour. Employees who regularly receive tips may be paid $3.67 per hour as long as that person is claiming at least $5.98 in tips per hour. The law also allows a Michigan employer to pay minor employees (aged 16-18)...

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.

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