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.

IRS Warning of Higher Penalties

The IRS has increased penalties again for late or non-filed 1099 or W-2’s For the last few years, the IRS has been ratcheting up its effort to match all income from whatever source to personal tax returns.  The reason is obvious.  Audits are easier and income that may...

This is the Time of Year to Assess Your Tax Situation

DO YOU NEED TO START PAYING OR INCREASING YOUR ESTIMATES? HOW WILL THE 20% QBID DEDUCTION EFFECT YOU? Restaurant owners and other business owners have to pay attention to their tax situation more than other taxpayers.  Your income can vary from year to year and...

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...

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...

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...

Warning! Number of Sales Tax Audits Are Increasing

In the last year, Kallas has seen an unusual spike in sales tax audits by the State of Michigan.  Although no one knows for sure how they pick their victims, we think that the state is now matching the 1099-K that the credit card processing companies are providing to...

Foreign Reporting Requirements for U.S. Taxpayers

DO YOU HAVE A FOREIGN BANK ACCOUNT OR INCOME PRODUCING PROPERTY? In the past several years, the IRS has been vigorously pursuing taxpayers who fail to comply with foreign reporting requirements.  The IRS has instituted banking treaties with almost all sovereign...

Avoid Pitfalls When Buying a Restaurant or Bar

Before committing to purchasing a restaurant or bar it is advisable to take the proper steps to avoid unpleasant surprises later.  A due diligence investigation should be performed which includes seeking professional advice on how to proceed.  Even if you are an...

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