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?
The CalSavers retirement savings program was first signed into law in 2016 for private sector workers whose employers do not already offer a retirement plan. Employers who already offer a retirement plan are exempt from this requirement. Continue Reading CalSavers Deadline is Approaching for California Employers
The SECURE Act nixed the “stretch IRA” and replaced it with a new 10-year rule on inherited IRAs. However, subsequent IRS guidance has created confusion about when certain beneficiaries must begin taking distributions. Continue Reading Proposed Regs for Inherited IRAs Bring Unwelcome Surprises
If your business has independent contractors or makes other payments to customers or others, you probably file 1099 forms with the IRS. The tax agency is currently sending out notices about these forms to some taxpayers. Continue Reading Businesses May Receive Notices About Information Returns That Don’t Match IRS Records
California enacted Assembly Bill 150 (“AB 150”) in 2021 as a method for deducting state and local taxes in excess of federal deduction limitations. Continue Reading Important News for California Pass Through Entities: PTE Payment Due June 15
If your nonprofit’s budget is growing and your executives are struggling to juggle financial responsibilities, it may be time to hire a CFO. Learn about what these executives do and what to look for in a candidate. Continue Reading CFO, Yes or No? Here’s How to Decide
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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