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 ELSE IS NEW – IRS BACKLOGGED

May 1, 2022 | Article | Tagged: ,

The last 24 months has been an extreme challenge for our restaurant clients. It has also been a challenge for the IRS. With a slurry of new laws to stimulate the economy and fight Covid, Congress has put the burden of administrating it all largely on the IRS. The IRS...

HOW LONG SHOULD YOU KEEP RECORDS?

May 1, 2022 | Article | Tagged:

There is no hard and fast rule or law on what records you should keep or how long you should keep them. The general rule is that you should keep all records that would be required so that you can prove your tax returns.  Remember, the burden of proof is on the...

5 IDEAS FOR RETAINING GOOD EMPLOYEES

Feb 1, 2022 | Article | Tagged:

Hiring new employees and retaining good employees is the biggest problem facing restaurants these days. Hiring new employees and retaining good employees is the biggest problem facing restaurants these days. The pressure of COVID-19 has changed people’s thinking and,...

ACA ANNOUNCEMENT

Feb 1, 2022 | Article | Tagged:

The Affordable Care Act (ACA) requirements for restaurants are complex and time-consuming. Yearly testing is required and if a restaurant, or group of commonly owned restaurants, meets the IRS defined criteria of 50 employees, health insurance must be offered plus...

2021 TAX SEASON IS HERE

Feb 1, 2022 | Article | Tagged:

Again, like last year, all the time consuming issues related to COVID-19 are going to be a challenge.With the fall-out from COVID-19, forced closures, PPP loans, PPP forgiveness, grants, unemployment, and major changes to the IRS code, we expect to be very busy....

STATUS OF ERTC REFUNDS

Feb 1, 2022 | Article | Tagged:

BAD NEWS FOR PEOPLE WAITING FOR REFUNDS The IRS is currently backlogged with millions of unprocessed payroll tax returns due to COVID-19 restrictions and the volume of Employee Retention Tax Credit (ERTC) refund requests. As of January 12, 2022, the IRS posted that...

WE DON’T JUST PREPARE YOUR TAX RETURNS

Feb 1, 2022 | Article | Tagged: ,

Throughout the year we pick up new clients – many from other accountants.  We always review the prior work to see if there is anything that was missed or can be done to better your situation. One of the recurring things we notice is that many accountants and tax...

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