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.

SUMMARY OF COVID-19 RELATED CHANGES THIS YEAR

Feb 1, 2021 | Article | Tagged:

2020 was a tumultuous year.  Beyond anyone’s imagination.  Who could have ever imagined that the entire restaurant industry would be shut down? With all the bad, there was much in the way of government programs that were good. It has been a full-time job just keeping...

Tax Due Date Adjustments

Aug 1, 2020 | Article | Tagged:

  Sales tax and Michigan Withholding The state had allowed businesses to delay paying their February, March, and April sales and withholding taxes until June 22 without any penalties or interest. In addition, you may enter into an installment agreement for the...

CALL EARLY FOR YOUR TAX APPOINTMENTS

Feb 1, 2020 | Article | Tagged:

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...

Retirement Plans for Restaurant Owners

Aug 1, 2018 | Article | Tagged:

Owners, on occasion, ask me what retirement plan is best for restaurant owners. Usually, I advise them that their hard-earned knowledge and experience in running a restaurant along with owning restaurant real estate is a pretty good retirement plan by itself.  Return...

New Tax Cuts & Jobs Act of 2017

Aug 1, 2018 | Article | Tagged:

HOW IT EFFECTS “PASS THROUGH” BUSINESSES Under the new tax act, starting with the 2018 tax year, Pass-through businesses may be eligible for a 20% deduction for which they pay nothing.  This is a very generous tax break for small businesses and almost every restaurant...

Tips to Lower Your Sales Tax

Nov 1, 2017 | Article | Tagged: ,

Kallas bookkeepers and tax preparers are trained to look for every dollar we can to reduce your taxes. One way to reduce sales tax is to deduct tax-exempt sales, discounts, and giveaways. Tax-exempt sales are allowed when a charitable organization or a governmental...

Beware “Back-Up Withholding” Trap

May 1, 2017 | Article | Tagged: ,

Have you ever received a form called an W-9?  W-9’s are sent to you usually by someone you do business with like a vendor, bank, or merchant credit card processing company asking for your federal identification number and other information such as your address and...

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