Restaurant Industry News

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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.

IT CONTINUES TO BE AN EXTRAORDINARY YEAR

Based on our observations at the tax and accounting level, we have to say the restaurant and bar owners we know are creative, tough and adaptable. Who could have anticipated the constantly changing environment you have had to survive since March 2020. Having to adapt...

SAVE TIME AND MONEY WITH PAYROLL ADMINISTRATION

To succeed in the restaurant industry, operators need to spend their time in the most efficient way possible.  It does little good to spend time on administrative tasks when your most profitable time can be spent bringing in business or tightening down costs or even...

YOUR PERSONAL TAXES FOR 2020 AND 2021

The IRS and State of Michigan both saw the need to extend the normal April 15 filing date to May 17, 2021 for your 2020 tax returns. In addition, Kallas has filed preventative extensions for both your business(es) and personal tax returns to September 15 and October...

OTHER SOURCES OF FUNDS

Banks are now promoting new SBA Express, 7A, and 504 loan programs for small businesses.  These loans can be used as Lines-of-Credit, or for business purchase, expansion, real estate, inventory, debt refinances and debt refinance.  In some cases, 100 percent financing...

1099 PENALTIES CAN BE SEVERE

It is easy to forget about the filing of 1099’s.  More information about the rules for restaurant and bar owners will be in a future edition of the Kallas Insider’s Report but, since it is tax season, I thought I would show you how the penalties can add up. Late...

RECAP OF GOVERNMENT PROGRAMS FOR RESTAURANTS

SOME DEADLINES COMING UP.  ACT FAST! Let’s do a recap of all the government programs available to you. Please note that there are many details not discussed below.  These are the general guidelines. First PPP Eligibility:  Any small business employing not more than...

75 YEARS IN BUSINESS

MAKING ACCOUNTING FUN Kallas Restaurant Accounting celebrates its 75th year in business in 2021. Wow!  That is a long time.  And still going strong to serve your needs. Nicholas Kallas founded the company in 1946.  George took over in 1984 and Nicolas Kallas continues...

TAKE ADVANTAGE OF ERTC – ITS FREE MONEY

The ERTC (Employee Retention Tax Credit) is available to virtually all restaurants in Michigan. It is a powerful tax credit that equals 50 percent of your employee’s pay up to a maximum of $5,000 per employee for 2020 and $14,000 per employee in 2021. As of now, the...

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