Accounts Payable/Disbursements 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...Payroll Efficiencies Available for Your Operations
Some restaurant operators have down-time during the COVID-19 lock-down and are looking for new ways to streamline their operation. Here are payroll services that Kallas can offer you that have proven to save time and save money. Call Jordan at Kallas ext 119 if you...Teenage Workers and Key Guidelines
This guide is for employers who hire minor workers. Every employer who hires young workers should know that in general: A work permit is required for minors and can be obtained through the child’s school. In the summer, minors aged 16-17 may work between 6:00 am and...HOW TO SURVIVE THE COVID-19 SHUT-DOWN – EMERGENCY RECOMMENDATIONS
Since the COVID-19 emergency began, Kallas Restaurant Accounting has been tracking all the relief programs and new law changes for our restaurant clients. There is an overload of information from many different sources and much of it duplicated and some inconsistent. The details of how the various programs work together or are implemented is still being issued over the next few weeks.
But, here are the first steps Kallas Company recommends to help get through the shutdown.
2019 TAX SEASON IS HERE
The 2019 tax season is upon us. And as usual, it means finding bills, accumulating paperwork, thinking about everything you did last year and trying to figure out ways to keep that darn tax bill to a minimum.
Our goal is to make sure you do not pay Uncle Sam any more than necessary.
More ACA Updates
The Affordable Care Act (ACA) is still with us and a big administrative pain for large restaurants and restaurant chains.
New Sales Reporting Rules for GrubHub and Uber Eats
Grubhub and Uber Eats both are changing their procedures regarding sales tax reporting and paying. Previously, Grubhub and Uber Eats made the restaurant responsible for paying sales tax on its sales.
Visa & Mastercard class-action lawsuit may yield cash back for you!
Interchange Fess AntiTrust Litigation
There has been a class-action suit filed against Visa, Mastercard and Defendant Banks for over-charging on their fees. A new settlement has been reached and all eligible merchants including restaurants and bars could be eligible for a share of the settlement. The settlement is between $5.5-6.2 billion.
When a cardholder makes a purchase of food or beverage at your restaurant or bar using a credit or debit card, there is an interchange fee charged to the merchant by the bank. The fee is usually 1-2% of the purchase price including tips.
If you took Mastercard or Visa during the years January 1, 2004 and January 25, 2019, you would be a potential claimant.
WHAT IS BEST FOR YOU – S CORPORATION OR LLC ?
This is an important question. How you are organized for tax purposes can make a big difference in how much you pay.
