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.

Foreign Reporting Requirements for U.S. Taxpayers

Aug 1, 2018 | Article | Tagged: ,

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...

Employee Paperwork – How Much Time Do You Spend?

Aug 1, 2018 | Article | Tagged:

THERE IS A WAY TO REDUCE YOUR BURDEN Owners frequently complain to me about how much time they or their managers spend on employee paperwork issues. Issues like address changes, change of dependents, wrong addresses, old checks not being picked up, the post office...

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...

Tip Reporting and Becoming Compliant

May 1, 2018 | Article | Tagged: ,

HOW TO REPORT TIPS PROPERLY Many years ago, tip reporting was easy and owners typically would tell their accountants or payroll company to just report tips up to whatever the minimum wage was at the time and that was sufficient. This was a good deal for the restaurant...

Avoid Pitfalls When Buying a Restaurant or Bar

May 1, 2018 | Article | Tagged: ,

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...

Save Money by Hiring Workers Under the Age of 18

Feb 1, 2018 | Article | Tagged:

If you hire minors (under age 18) you may be able to reduce your federal FICA, federal unemployment tax and state unemployment tax.  To get this benefit, let Kallas know when you hire a minor, and you need to give us their birthdate.  We will keep track of the minor’s...

Another Outrageous Gotcha Tax

Nov 1, 2017 | Article | Tagged:

Business owners face many tax traps and what I call “Gotcha” taxes.  Gotcha taxes are obscure laws that even the most conscientious owners could not anticipate or account for but still end up paying for. I have written in the past of other Gotcha taxes like the late...

2018 New Minimum Wage For Michigan

Nov 1, 2017 | Article | Tagged:

Goes Into Effect January 1, 2018 The new rate effective January 1, 2018 is $9.25 per hour. Employees who regularly receive tips may be paid $3.52 per hour as long as that person is claiming at least $5.73 in tips per hour. The law allows an employer to pay a newly...

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