If you’re selling your principal residence, or you already sold your home in 2023, some or all of the profit may be tax-free. It depends on the amount of profit and your income. Take a look at the basic rules. Continue Reading Selling your home for a big profit? Here are the tax rules
If your corporation defaults on a loan that you guarantee, there may be tax consequences. You don’t want to be caught unaware. Continue Reading Guaranteeing a loan to your corporation? There may be tax implications
Don’t let your nonprofit’s audit preparation become a last-minute sprint. Plan early so you’ll have the right records ready for review. We offer suggestions. Continue Reading Nonprofits: Ready, set, audit!
Should your company report tax positions taken (or to be taken) on tax returns before they’re resolved with the tax authorities? Here’s an overview of the accounting rules for uncertain tax positions under U.S. GAAP. Continue Reading Reporting UTPs on your financial statements
You can operate your small business in several ways. For example, your entity can be a sole proprietorship, an S corporation or a partnership. Here are the advantages of operating as a limited liability company (LLC). Continue Reading The advantages of using an LLC for your small business
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Getting a handle on inventory
/in Tax/by KKB CPAsFor retailers, manufacturers and many other businesses, a significant amount of working capital is tied up in inventory. What can your company do to lower its inventory carrying costs? Continue Reading Getting a handle on inventory
Keep these 3 issues in mind after you file your return
/in Tax/by KKB CPAsFor more helpful tax and accounting articles, or to sign up for our newsletter, please visit our KKB Insights page. If you have any questions, please contact us. Continue Reading Keep these 3 issues in mind after you file your return
Update on retirement account required minimum distributions
/in Tax/by KKB CPAsThe SECURE 2.0 law includes good news about required minimum distributions from tax-favored retirement accounts. But an earlier law contained some bad news for certain beneficiaries of inherited retirement accounts. Here are the rules. Continue Reading Update on retirement account required minimum distributions