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Reduce the impact of the 3.8% net investment income tax

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.

Benefits of a living trust for your estate

You’ve probably heard that you should avoid probate in estate planning. But what does that mean and how is it done?

FASB votes to exempt private companies from disaggregation of income statement project

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.

Achieving the right balance of working capital

Do you know the three keys to lowering your company’s working capital requirements?

Questions you may still have after filing your tax return

Even if you filed your 2022 tax return by the deadline, you may still have questions. We’re often asked about refund status, how long to keep records and when an amended tax return should be filed. Here are some answers.

4 ways corporate business owners can help ensure their compensation is “reasonable”

C corporation owners: To keep your compensation tax deductible, you need to ensure it’s “reasonable.” Otherwise, it could be deemed a dividend. Here are four steps to take.

New Business Ownership Reporting in 2024

Starting in 2024 (or 2023 for newly formed entities), corporations, limited liability companies (LLCs), limited partnerships, and other entities that file formation papers with a state’s Secretary of State’s office (or similar government agency) must file a report with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department providing specified information regarding the entity’s “beneficial owners.”

There’s a favorable “stepped-up basis” if you inherit property

If you’ve inherited assets or you’re planning your estate, it’s crucial to understand the “step-up” basis rules.

Retirement saving options for your small business: Keep it simple

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.

Insights

Getting a handle on inventory

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For 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

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Keep these 3 issues in mind after you file your return

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For 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

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Update on retirement account required minimum distributions

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The 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

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