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.

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...

The Purchasing 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...

Please Help Us To Help You

PERSONAL TAX EXTENSIONS GOOD ONLY UNTIL OCTOBER 15, 2019  A lot of bad things can happen if you wait until the last minute. According to the IRS, filing an extension beyond the filing deadline of April 15 is a privilege. Sometimes you cannot help but extend filing if...

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...

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