There are several choices of entities for a new business venture. What about an S corporation? Here are the advantages. Continue Reading Choosing an entity for your business? How about an S corporation?
What types of information and procedures do auditors use to verify account balances and transactions? Anticipating document requests and inquiries can help make your next audit more efficient. Continue Reading Close-up on sources of substantive audit evidence
A tax law that passed in 2017 makes a major change to Section 174 research and experimental (R&E) expenses. Here’s what it might mean for your 2022 business tax return being filed this year. Continue Reading Changes in Sec. 174 make it a good time to review the R&E strategy of your business
The California Franchise Tax Board is conforming to the IRS’s postponement of filing and payment deadlines to October 16, 2023, for taxpayers located in most California counties due to the recent winter storms. Continue Reading Additional Tax Relief Provided for Californians Impacted by Winter Storms
How much is the standard deduction in 2023? How much do you have to earn this year before you can stop paying Social Security on your salary? Here are some Q&As about these and other tax-related amounts for 2023. Continue Reading Answers to your questions about 2023 limits on individual taxes
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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