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.

HOW TO SURVIVE THE COVID-19 SHUT-DOWN – EMERGENCY RECOMMENDATIONS

Since the COVID-19 emergency began, Kallas Restaurant Accounting has been tracking all the relief programs and new law changes for our restaurant clients. There is an overload of information from many different sources and much of it duplicated and some inconsistent. The details of how the various programs work together or are implemented is still being issued over the next few weeks.

But, here are the first steps Kallas Company recommends to help get through the shutdown.

February 2020

Visa & Mastercard class-action lawsuit may yield cash back for you!
New Sales Reporting Rules for GrubHub and Uber Eats
2019 Tax Season Information
Tax Appointments Still Available
More Than Accounting: New Resources Available
2020 ACA Update
Which is Best: LLC or S-Corp?

2019 TAX SEASON IS HERE

The 2019 tax season is upon us. And as usual, it means finding bills, accumulating paperwork, thinking about everything you did last year and trying to figure out ways to keep that darn tax bill to a minimum.
Our goal is to make sure you do not pay Uncle Sam any more than necessary.

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.

CALL EARLY FOR YOUR TAX APPOINTMENTS

Taxes consume the biggest portion of most people’s current earnings and future retirement income. Our job at Kallas Company is to help you maximize tax savings and help you create future wealth. For the greatest savings over time you need to plan ahead. Call us...

More than Accounting Resources Available

Kallas Restaurant Accounting has added Michael R. Kramb, CPA to our staffing resources. Michael has a strong history in the restaurant industry.  He has worked as a controller for two well-known independent restaurant chains as well as owning his own restaurant....

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Everything the Bar and Restaurant Owner needs to know!

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