With a financial crisis averted, let’s take a look at the highlights of the Fiscal Responsibility Act. Continue Reading What’s in the Fiscal Responsibility Act?
Are you fed up with all the recent accounting rule changes? For many private companies, the new lease standard that went into effect in 2022 was the last straw. Here’s an alternative reporting framework to consider. Continue Reading Why some small businesses are switching to tax-basis reporting
If your business has a choice to deduct real estate expenses or depreciate them over several years, the decision may seem simple. But there are a number of factors to consider. Continue Reading Advantages and disadvantages of claiming big first-year real estate depreciation deductions
In addition to regular income tax, high-income taxpayers may face the 3.8% net investment income tax. This article explains who the tax applies to, as well as some strategies to minimize it. Continue Reading Reduce the impact of the 3.8% net investment income tax
You’ve probably heard that you should avoid probate in estate planning. But what does that mean and how is it done? Continue Reading Benefits of a living trust for your estate
As costs rise, investors and lenders are eyeing profits closely. Here’s the latest development on the FASB’s project to up the ante on expense disclosures. Continue Reading FASB votes to exempt private companies from disaggregation of income statement project
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Do you owe estimated taxes? If so, when is the next one due?
/in Tax/by KKB CPAsCertain taxpayers generally must make quarterly estimated tax payments to avoid a penalty. Here are the rules, along with when the next payment is due. Continue Reading Do you owe estimated taxes? If so, when is the next one due?
If your business has co-owners, you probably need a buy-sell agreement
/in Tax/by KKB CPAsFor most business co-owners, the value of their business shares comprises a big percentage of their estates. Having a buy-sell agreement protects co-owners and their heirs and helps avoid hassles with the IRS. Continue Reading If your business has co-owners, you probably need a buy-sell agreement
Consider borrowing from your corporation but structure the deal carefully
/in Tax/by KKB CPAsClosely held corporation owners: If you need money for personal expenses like a new car or home improvements, consider borrowing from the business. But follow these tips to avoid adverse tax consequences. Continue Reading Consider borrowing from your corporation but structure the deal carefully