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Child tax credit: The rules keep changing but it’s still valuable

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.

Key tax issues in M&A transactions

Pay attention to taxes if you’re buying or selling a business. After a transaction is complete, it may be too late to get the best tax results.

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

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.

Franchise Tax Board conforms to IRS filing extensions for California storm victims

On January 13, the Governor’s office announced that California will conform to the IRS filing extensions granted for California individual and business taxpayers impacted by recent storms. This means the Franchise Tax Board has extended filing and payment deadlines for many taxpayers in California until May 15, 2023.

IRS grants filing and payment extensions to California storm victims

Individuals and businesses located in California may qualify for tax relief. California storm victims now have until May 15, 2023, to file various federal forms and make tax payments.

Employers should be wary of ERC claims that are too good to be true

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.

SECURE 2.0 law may make you more secure in retirement

Want to save more for retirement? You might be able to with the many changes in a new law signed on Dec. 29, 2022.

SECURE 2.0: Year-end spending package tackles retirement planning and tax shelters

Tucked into the Consolidated Appropriations Act of 2023 is a package of enhanced retirement benefits, otherwise known as the SECURE 2.0 Act. Here are some of the provisions.

2023 Q1 tax calendar: Key deadlines for businesses and other employers

Businesses face a variety of tax-related deadlines in the first quarter of 2023. Here are some of them.

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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