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.

Warnings for S-Corporations and LLCs

Feb 1, 2017 | Article | Tagged: ,

A new penalty for late filed S Corporations and partnership LLC’s was created starting with the 2009 tax year and continues to present. I use this newsletter to remind taxpayers about this penalty because the penalty is severe. $195 per shareholder or partner per...

Liquor License Transfers Have Helpful New Law

Feb 1, 2017 | Article | Tagged:

A new Michigan law gives new businesses the option of purchasing a “conditional” or temporary liquor license to allow the sale of alcohol while the state performs its investigation of the owners. Previously, a new owner purchasing a restaurant or bar had to wait until...

Restaurants Get Special Tax Deduction

Feb 1, 2017 | Article | Tagged:

The PATH act signed into law in December 2015 allows an enhanced deduction for food inventory.  If a restaurant donates wholesome food to a 501 c(3) charitable organization, the value of the donation is not the retail price to the customer or the cost to you.  The...

9 Important Tax Tips and Reminders

Feb 1, 2017 | Article | Tagged: ,

If you have the U.S. equivalent of $10,000 in a foreign bank in any day of 2016 you must file FinCen form 114. Remember to tell your tax preparer. If you have the U.S. equivalent of $50,000 in assets located in foreign countries on the last day of the year or more...

What Makes a Good Accounting Firm

Nov 1, 2016 | Article | Tagged:

What factors make a good accounting firm for you and your business?  This is a question I revisit every year to make sure we are providing value to you – our dear clients. I am always talking to other accountants and payroll companies.  Observing how they do things...

What to do with Friend of the Court Notices

Nov 1, 2016 | Article | Tagged:

Many restaurant owners receive Friend of the Court (FOC) withholding orders.  These court orders require an employer to withhold monies out of the paycheck of the subject employee and forward those monies to the court. There are strict rules regarding FOC orders and...

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