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.

2023 Holiday Schedule

Nov 1, 2023 | Article | Tagged:

Our office will be closed on: Thursday,  November 23 2023 for Thanksgiving. Friday,  November 24 2023 for Thanksgiving. Monday, December 25 for Christmas. Monday, January 1 for New Years. While the phones will be off, some employees may be processing faxed and...

8 Ideas for Refreshing Your Concept

Nov 1, 2023 | Article | Tagged:

Some restaurants never change.  And for some, that is a good thing. But even tried and true restaurant concepts need refreshing over time. For most, a particular restaurant concept probably will not last forever. Some reasons a restaurant concept might lose popularity...

NEW SMALL BUSINESS REPORTING REQUIREMENTS

Nov 1, 2023 | Article | Tagged: ,

NEW BURDEN FOR SMALL BUSINESS CORPORATE TRANSPARENCY ACT; STARTING JANUARY 1, 2024   Starting January 1, 2024 a new mandatory ownership reporting will be required for small businesses (corporations, partnerships and LLC’s). In 2021, Congress passed the Corporate...

Top 10 Red Flags for New Restaurants

Nov 1, 2023 | Article | Tagged:

After 40 years advising new restaurant owners, I have come up with 10 of the most common red flags that increase the risks of failure. Not having a good idea of the type of customer you want to draw and the corollary; not providing an appealing experience for that...

EMPLOYEE RETENTION CREDIT (ERC) UPDATE

Nov 1, 2023 | Article | Tagged:

The Employee Retention Credit (ERC) has been a once-in-a-lifetime boon to restaurant owners. When the tax credit was first announced, Kallas Restaurant Accounting was immediately applying for credits for our restaurant clients and to date, our clients have received...

IMMIGRATION REVISES I-9 FORM

Aug 1, 2023 | Article | Tagged:

A new Form I-9 is required starting November 1, 2023. The I-9 Form is a United States Citizen and Immigration Services form that is required to be completed for every new employee you hire. The form is used to verify the identity and legal authorization to work in the...

TAX ADVANTAGED SAVINGS FOR CHILDREN AND GRANDCHILDREN

Aug 1, 2023 | Article | Tagged:

  If you are a parent or grandparent who is thinking ahead and wants to save money for their minor children and grandchildren there are a few ways to save that come with some tax benefits  The easiest way to save money for a child or grandchild is to set up a...

10 TIPS FOR PORTION CONTROL

Aug 1, 2023 | Article | Tagged:

The very best restaurants adhere to strict portion controls.  Portion controls enhance consistency and reduce losses from waste. Here are some simple tips to control portions: Establish recipes.  Restaurant recipes have two purposes:  to ensure consistency and control...

PAYMENTS TO IRS GETTING LOST

Aug 1, 2023 | Article | Tagged:

We are experiencing increasing “lost” payments to IRS mainly pertaining to payments for Income Taxes. Payroll and business tax payments are being made without a hitch but Estimated Tax Payments and payments due on your personal tax returns seem to be disappearing into...

THIS IS THE TIME OF YEAR TO CHECK YOUR TAX SITUATION

Aug 1, 2023 | Article | Tagged:

YOUR ESTIMATED TAXES MAY HAVE TO BE ADJUSTED Restaurant owners and other business owners have to pay attention to their tax situation more than other taxpayers.  Your income can vary from year to year and profits and losses from your business can cause your taxes to...

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