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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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