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.

The Sales Cycle – Accounting Cycle for Restaurants

WHAT NEEDS TO BE ACCOUNTED FOR IN YOUR RESTAURANT BE AWARE OF WHAT IS REQUIRED Restaurant owners rarely know how much accounting is required to run their restaurant.  Naturally, they just assume that the accountant “just handles it.” But does the accountant really...

Make Sales Tax Time Less Demanding

Paying sales tax each month has always been a hassle.  Restaurant owners have enough responsibilities running a restaurant.  Being available at sales tax time to cut a check and mail it on time is just another burden.  Kallas Restaurant Accounting can take that burden...

Another Warning About Affordable Care Act (ACA)

Imagine receiving an IRS penalty for $10,000 or $50,000 or $150,000. These are the penalties being issued to businesses for failing to comply with the ACA rules. In the final days of 2018, the IRS started issuing notices to assess penalties against employers that...

Top 10 Audit Issues to be Concerned About

Some audits are routine and relatively painless. Other audits are worse than a root canal and proctology exam at the same time. It depends on the authority that is conducting the audit, the temperament of the auditor and of course, the completeness and organization of...

Tax Planning Now More Important Than Ever

Small businesses can reduce their tax bills significantly. Huge Opportunities if planned properly! The new tax law which begins January 1, 2018, includes many opportunities and significant benefits for small businesses. The law fundamentally changes many of the tax...

Your Tax Returns – We Do More Than Just Preparing

Throughout the year we pick up new clients – many from other accountants.  We always review the prior work to see if there is anything that was missed or can be done to better your situation. One of the recurring things we notice is that many accountants and tax...

Michigan New Minimum Wage Starts March 2019

Michigan will have a new minimum wage of $9.45 an hour with tipped minimum wage increasing to $3.59 an hour. This will be starting on March 29, 2019. That’s an increase of 20 cents. The state’s current minimum wage is $9.25.  For tipped employees, the increase is...

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