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.

Warnings for S-Corporations and LLCs

Feb 1, 2017 | Article | Tagged: ,

A new penalty for late filed S Corporations and partnership LLC’s was created starting with the 2009 tax year and continues to present. I use this newsletter to remind taxpayers about this penalty because the penalty is severe. $195 per shareholder or partner per...

Restaurants Get Special Tax Deduction

Feb 1, 2017 | Article | Tagged:

The PATH act signed into law in December 2015 allows an enhanced deduction for food inventory.  If a restaurant donates wholesome food to a 501 c(3) charitable organization, the value of the donation is not the retail price to the customer or the cost to you.  The...

9 Important Tax Tips and Reminders

Feb 1, 2017 | Article | Tagged: ,

If you have the U.S. equivalent of $10,000 in a foreign bank in any day of 2016 you must file FinCen form 114. Remember to tell your tax preparer. If you have the U.S. equivalent of $50,000 in assets located in foreign countries on the last day of the year or more...

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