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.

WHAT IS AN LLC?

May 1, 2024 | Article

In the last decade or so, there has been a movement towards organizing small businesses as LLC’s (Limited Liability Companies) As the name suggests, an LLC limits the legal liability (in case of a lawsuit) of your business to only the assets of the business and not to...

FINANCIAL RULES-OF-THUMB FOR RESTAURANT OPERATIONS

May 1, 2024 | Article

FINANCIAL RULES-OF-THUMB FOR RESTAURANT OPERATIONS In my 48 years of experience, one thing I can say is that although there are some reasonably consistent financial rules of thumb for most restaurants, every independent restaurant is different. There can be...

WARNING ABOUT LABOR AUDITS

May 1, 2024 | Article

Federal and State labor audits have increased. We are seeing an uptick in labor board audits. The federal and state labor audits are looking for the following: Are you paying minimum wage? Are you paying the proper amount for overtime? Do you have undocumented...

QBI EXPIRING

May 1, 2024 | Article

  As of May 2024, the President of the United States is Joe Biden and the Congress is split between Democrats and Republicans.  The next election in November will be important for many reasons but especially for restaurant owners. You will hear very little about...

WHAT MAKES A GOOD ACCOUNTING FIRM?

May 1, 2024 | Article | Tagged:

What factors make a good accounting firm for you and your business?  This is a question I re-visit every year to make sure we are providing value to you – our dear clients. A large part of what I personally do is advise restaurant owners – both clients and...

Are You Required To File Under the ACA Rules?

Nov 1, 2023 | Article | Tagged:

NOW IS THE TIME TO THINK ABOUT IT The Affordable Care Act requires that every business with over 50 full-time equivalent employees offer health insurance to its full-time employees and file forms with the IRS and with employees. The ACA rules a quite complex.  If you...

2024 Michigan Minimum Wage

Nov 1, 2023 | Article | Tagged:

Michigan’s Minimum Wage Set to Increase on January 1, 2024 LANSING, MI – On January 1, 2024, Michigan’s minimum wage rate will increase from $10.10 to $10.33 per hour as set by Michigan’s Improved Workforce Opportunity Wage Act of 2018 which establishes...

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