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.

Top 10 Audit Issues to be Concerned About

May 1, 2019 | Article | Tagged:

Some audits are routine and relatively painless. Other audits are worse than a root canal and proctology exam at the same time. It depends on the authority that is conducting the audit, the temperament of the auditor and of course, the completeness and organization of...

Warning! Number of Sales Tax Audits Are Increasing

Aug 1, 2018 | Article | Tagged:

In the last year, Kallas has seen an unusual spike in sales tax audits by the State of Michigan.  Although no one knows for sure how they pick their victims, we think that the state is now matching the 1099-K that the credit card processing companies are providing to...

Foreign Reporting Requirements for U.S. Taxpayers

Aug 1, 2018 | Article | Tagged: ,

DO YOU HAVE A FOREIGN BANK ACCOUNT OR INCOME PRODUCING PROPERTY? In the past several years, the IRS has been vigorously pursuing taxpayers who fail to comply with foreign reporting requirements.  The IRS has instituted banking treaties with almost all sovereign...

Avoid Pitfalls When Buying a Restaurant or Bar

May 1, 2018 | Article | Tagged: ,

Before committing to purchasing a restaurant or bar it is advisable to take the proper steps to avoid unpleasant surprises later.  A due diligence investigation should be performed which includes seeking professional advice on how to proceed.  Even if you are an...

Another Outrageous Gotcha Tax

Nov 1, 2017 | Article | Tagged:

Business owners face many tax traps and what I call “Gotcha” taxes.  Gotcha taxes are obscure laws that even the most conscientious owners could not anticipate or account for but still end up paying for. I have written in the past of other Gotcha taxes like the late...

Beware “Back-Up Withholding” Trap

May 1, 2017 | Article | Tagged: ,

Have you ever received a form called an W-9?  W-9’s are sent to you usually by someone you do business with like a vendor, bank, or merchant credit card processing company asking for your federal identification number and other information such as your address and...

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...

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