If you’re a small business owner, you may be reluctant to set up a retirement plan because of the administrative burdens. Here are two options to consider that have far fewer requirements than traditional qualified retirement plans. Continue Reading Retirement saving options for your small business: Keep it simple
Hiring a bookkeeper for your small business can be a daunting task. Here are some helpful tips. Continue Reading Now hiring: 10 questions to ask bookkeeper candidates
With Republicans now in control of the U.S. House of Representatives, what’s the fate of prospective tax legislation in 2023? Continue Reading Reading the tea leaves: Potential tax legislation in the new Congress
If you’re a parent, you know that children are expensive. Fortunately, there’s a federal Child Tax Credit that may help you with the expenses. Here are the current rules. Continue Reading Child tax credit: The rules keep changing but it’s still valuable
Breaking into a retirement plan before age 59½ may result in a penalty tax. But there are exceptions. Here are the rules, along with what happened to one taxpayer who tried to avoid the penalty because he had diabetes. Continue Reading Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty
Have you heard ads on TV telling businesses how they can claim a huge Employee Retention Credit? It might be possible for some employers but it also might be too good to be true. Continue Reading Employers should be wary of ERC claims that are too good to be true
The Inflation Reduction Act’s Clean Vehicle Credit might alter the timing of purchasing a new or used qualifying electric vehicle. Learn why. Continue Reading Clean Vehicle Credit comes with caveats
By planning ahead now, you may be able to save on your 2022 and 2023 tax bills. Here are some ideas to consider. Continue Reading Year-end tax planning ideas for individuals
Before you know it, the end of 2022 will be near. Here are some year-end moves to consider that may help your small business save on taxes. Continue Reading Year-end tax planning ideas for your small business
Is your company being transparent about contingent liabilities? In today’s uncertain conditions, reporting contingencies can be challenging. Here’s a refresher on the accounting rules for disclosing and estimating expected losses. Continue Reading Contingent Liabilities: To Report or Not to Report?
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IRS suspends processing of ERTC claims
/in Tax/by KKB CPAsWith fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through year end. Continue Reading IRS suspends processing of ERTC claims
It’s important to understand how taxes factor into M&A transactions
/in Tax/by KKB CPAsBuying or selling a business? It may be the most important transaction you ever make. So it’s important to seek professional tax advice as you negotiate. Don’t wait until a deal is done! Continue Reading It’s important to understand how taxes factor into M&A transactions
Plan now for year-end gifts with the gift tax annual exclusion
/in Tax/by KKB CPAsThe estate and gift tax exemption amount is scheduled to be cut drastically in 2026 when the related Tax Cuts and Jobs Act provisions expire (unless Congress acts to extend them). Making tax-free gifts before then can cut the size of your taxable estate and may be one way to address this potential threat. Continue Reading Plan now for year-end gifts with the gift tax annual exclusion