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.

HOW TO MAXIMIZE YOUR ERTC CREDIT

Aug 1, 2021 | Article | Tagged:

The ERTC (Employee Retention Tax Credit) is available in 2020 and 2021 to virtually all restaurants. It is a powerful FULLY REFUNDABLE credit on payroll taxes you have already paid.  This means you will be getting an electronic deposit into your account similar to the...

GOVERMENT AGENCIES EXTEMELY BACKED UP

Aug 1, 2021 | Article | Tagged:

If you have any dealings with the IRS, State of Michigan or the Michigan Unemployment Agency you will be experiencing long delays.   With all the changes Covid created, all government agencies are short-staffed and backed up.  Kallas is still responding in a timely...

INSURANCE RATES ON THE RISE

Aug 1, 2021 | Article | Tagged:

If your insurance rates went up dramatically you may be a victim of your “Insurance Score” which is one of the factors used by insurance companies to “rate’ your risk. You can protest an adverse Insurance score if you were a victim of an extraordinary life...

HOW TO HANDLE RRF FUNDS

Aug 1, 2021 | Article | Tagged:

Some of you have received RRF (Restaurant Revitalization Fund) money.  Consider yourself very lucky.  Only about 39% of applications were able to be funded before the money ran out and the fund was closed.  And there is a huge pent-up demand for restaurants that never...

IT CONTINUES TO BE AN EXTRAORDINARY YEAR

May 1, 2021 | Article | Tagged:

Based on our observations at the tax and accounting level, we have to say the restaurant and bar owners we know are creative, tough and adaptable. Who could have anticipated the constantly changing environment you have had to survive since March 2020. Having to adapt...

SAVE TIME AND MONEY WITH PAYROLL ADMINISTRATION

May 1, 2021 | Article | Tagged:

To succeed in the restaurant industry, operators need to spend their time in the most efficient way possible.  It does little good to spend time on administrative tasks when your most profitable time can be spent bringing in business or tightening down costs or even...

YOUR PERSONAL TAXES FOR 2020 AND 2021

May 1, 2021 | Article | Tagged:

The IRS and State of Michigan both saw the need to extend the normal April 15 filing date to May 17, 2021 for your 2020 tax returns. In addition, Kallas has filed preventative extensions for both your business(es) and personal tax returns to September 15 and October...

OTHER SOURCES OF FUNDS

May 1, 2021 | Article | Tagged:

Banks are now promoting new SBA Express, 7A, and 504 loan programs for small businesses.  These loans can be used as Lines-of-Credit, or for business purchase, expansion, real estate, inventory, debt refinances and debt refinance.  In some cases, 100 percent financing...

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