If your child is fortunate enough to get a scholarship, is the amount taxable income? For some, yes, but there’s good news for most families. Continue Reading Are scholarships tax-free or taxable?
If your nonprofit is having trouble complying with IRS tax-exempt regulations, don’t wait until your status is revoked or your organization is subject to investigation. Here’s how to be proactive. Continue Reading Don’t let IRS compliance issues drag down your nonprofit
The California Franchise Tax Board also announced on the evening of October 16, 2023, that it is conforming to the most recent IRS postponement of tax filing and payment deadlines to November 16, 2023, for California taxpayers in the 55 counties impacted by storms in late 2022 and early 2023. Continue Reading Income tax filing deadline postponed to November 16 for most California taxpayers
Complex calculations are involved in claiming depreciation deductions for the business use of a passenger automobile. Here are the basic rules. Continue Reading Business automobiles: How the tax depreciation rules work
If you rent your vacation home for less than 15 days during a year, there’s a special tax break. Here are the rules for vacation rentals. Continue Reading The tax implications of renting out a vacation home
It’s time to prepare for next year’s audit. Are you ready for fieldwork to begin? Continue Reading 4 ways to prepare for next year’s audit
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Navigating tax complexities: Craft partnership agreements and LLC operating agreements with precision
/in Tax/by KKB CPAsIf your business is creating a partnership agreement or LLC operating agreement, it should include tax-related specifications. Here are some key points. Continue Reading Navigating tax complexities: Craft partnership agreements and LLC operating agreements with precision
Restricted gifts: What to do when strings are attached
/in Tax/by KKB CPAsMost nonprofits won’t say “no” to restricted gifts, but these donations are harder to handle than unrestricted ones. To minimize risk, develop restricted gift policies and follow them. Continue Reading Restricted gifts: What to do when strings are attached
Business website expenses: How they’re handled for tax purposes
/in Advisory/by KKB CPAsWhen developing your business’s website, how do you handle the expenses for tax purposes? Here are the basic rules. Continue Reading Business website expenses: How they’re handled for tax purposes