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.

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...

IRS IS STILL FAR BEHIND IN PROCESSING TAX RETURNS

Aug 1, 2023 | Article | Tagged:

WHAT IS GOING ON OVER THERE? We have been experiencing long delays in responses from IRS regarding amended returns, correspondence, ERTC refunds and paper filed returns. This could effect you if you have an IRS problem that needs to be resolved or if you are waiting...

HERE IS THE GOOD NEWS

May 1, 2023 | Article | Tagged:

Earlier this month, the National Restaurant Association released its 2023 State of the Restaurant Industry Report. The news is positive. Sales are forecast to reach $997 Billion, up from $937 Billion in 2022. The foodservice industry is forecast to add 500,000 jobs in...

WATCH OUT FOR THE IRS

May 1, 2023 | Article | Tagged:

Many of you may be aware that the Biden administration passed the Inflation Reduction Act late in 2022. Let us put aside the misleading title of the bill since throwing money at the IRS will have no effect on Inflation.  But that is another conversation. The Act...

THE COMPLICATIONS OF 3RD PARTY DELIVERY SERVICES

Aug 1, 2022 | Article | Tagged:

With convenience comes challenges. 3rd party apps like Grubhub, DoorDash and Uber Eats exploded during Covid.  3rd party apps gave restaurants a big shot in the arm with access to delivery and new ways to find customers.  Sometimes their services were the dominant...

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...

1099 PENALTIES CAN BE SEVERE

May 1, 2021 | Article | Tagged:

It is easy to forget about the filing of 1099’s.  More information about the rules for restaurant and bar owners will be in a future edition of the Kallas Insider’s Report but, since it is tax season, I thought I would show you how the penalties can add up. Late...

SUMMARY OF COVID-19 RELATED CHANGES THIS YEAR

Feb 1, 2021 | Article | Tagged:

2020 was a tumultuous year.  Beyond anyone’s imagination.  Who could have ever imagined that the entire restaurant industry would be shut down? With all the bad, there was much in the way of government programs that were good. It has been a full-time job just keeping...

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