Nov 1, 2023 | Article | Tagged: Operations, Warnings
NEW BURDEN FOR SMALL BUSINESS CORPORATE TRANSPARENCY ACT; STARTING JANUARY 1, 2024 Starting January 1, 2024 a new mandatory ownership reporting will be required for small businesses (corporations, partnerships and LLC’s). In 2021, Congress passed the Corporate...Nov 1, 2023 | Article | Tagged: Warnings
After 40 years advising new restaurant owners, I have come up with 10 of the most common red flags that increase the risks of failure. Not having a good idea of the type of customer you want to draw and the corollary; not providing an appealing experience for that...Aug 1, 2022 | Article | Tagged: General Interest, Warnings
The decision on July 19 reinstitutes both the “Improved Workforce Opportunity Wage Act” and the “Earned Sick Time Act:”. The Improved Workforce Act and the Earned Sick Time Act do the following: Increase the minimum wage to $12 per hour. The tipped minimum wage would...May 1, 2022 | Article | Tagged: General Interest, Warnings
The last 24 months has been an extreme challenge for our restaurant clients. It has also been a challenge for the IRS. With a slurry of new laws to stimulate the economy and fight Covid, Congress has put the burden of administrating it all largely on the IRS. The IRS...Aug 1, 2020 | Article | Tagged: Warnings
Since the beginning of the COVID-19 disaster, Kallas has been sending out E-Blasts informing our clients of programs and strategies for coping with the shut-down.
From mid-April until June, we sent out 22 E-Blasts letting our clients know about the various grant and loan programs, the rules at the time, changes in the rules and strategies for spending the money.
Aug 1, 2019 | Article | Tagged: Warnings
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...Aug 1, 2019 | Article | Tagged: Warnings
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...Aug 1, 2019 | Article | Tagged: Warnings
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...May 1, 2019 | Article | Tagged: Warnings
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...May 1, 2019 | Article | Tagged: Warnings
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...