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.

OBBBA PRESENTS NEW TAX PLANNING OPPORTUNITIES

Aug 1, 2025 | Article

Sign up to stay in the loop! You might be able to save thousands with some smart tax planning. Restaurant ownership, due to its entrepreneurial nature, offers some unique tax planning opportunities, and the new One Big Beautiful Bill Act just opened up a few more. How...

RETIREMENT PLANS FOR RESTAURANT OWNERS

Aug 1, 2025 | Article

In my opinion, the best retirement plan for restaurant owners is their business and the real estate the business sits on. There are many tax benefits of owning a restaurant. You can sell it at an opportune time, you can pass it on to heirs and, if you own the real...

WHAT’S GOING ON WITH THE IRS?

Aug 1, 2025 | Article

Trying to get anything done these days with the IRS is very, very difficult. Losing tax records, interminable delays, identity theft, outdated computer systems, and constant changes in tax law have made the IRS a dysfunctional agency. Trying to get through by phone is...

Earned Sick Time Act Begins Feb 21, 2025

Nov 1, 2024 | Article

The new Paid Sick Leave law. The following will be effective on February 21, 2025. All employers in Michigan must provide an accrual of 1 hour of paid sick leave for every 30 hours worked. Employers with less than 10 employees must provide up to 40 hours of paid sick...

2024 MICHIGAN VOTERS: 7 THINGS YOU CAN DO

Nov 1, 2024 | Article

By now you probably have heard that the democrat majority Michigan Supreme Court went partisan last July to strike down the Workforce Opportunity Wage Act (2018 PA 368) and Paid Medical Leave Act (2018 PA 369) arguing that they are unconstitutional because they...

KALLAS CAN HELP WITH BOI REPORTING 

Nov 1, 2024 | Article

Kallas has been working hard to help our clients meet the new Beneficial Ownership Information filing requirements ahead of the December 31, 2024 deadline.  Three important parts:  This is new reporting that nearly all our clients MUST do in order to avoid hefty...

MICHIGAN VOTERS: IMPORTANT CALL TO ACTION

Nov 1, 2024 | Article

By now you probably have heard that the democrat majority Michigan Supreme Court went partisan last July to strike down the Workforce Opportunity Wage Act (2018 PA 368) and Paid Medical Leave Act (2018 PA 369) arguing that they are unconstitutional because they...

NEW BOI REPORTING NON-FILING PENALTIES START JANUARY 1, 2025

Nov 1, 2024 | Article

Beneficial Ownership Information reporting requirement has Stiff Penalties for NonCompliance   Starting January 1, 2024 a new mandatory ownership reporting requirement for small businesses (corporations, partnerships and LLC’s) was instituted. Three years...

MICHIGAN’S MINIMUM WAGE WILL INCREASE TWICE IN 2025

Nov 1, 2024 | Article

We would like to inform you of important changes to the minimum wage regulations in Michigan, The first will take effect January 1, 2025 and the second February 21, 2025. Key Changes to the Michigan Minimum Wage: January 1, 2025 The standard minimum hourly wage will...

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