The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. Continue Reading Will the Standard Business Mileage Rate Go Up in 2022? Yes!
When customers make last-minute changes to contracts, it can be frustrating, and the accounting rules for reporting change orders can be complex. Continue Reading How to Account for Change Orders
Here are a few key tax-related deadlines for businesses during Q1 of 2022. Continue Reading 2022 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers
While digitalization continues to take hold of the business world, the billing and collections functions at many organizations remain largely paper based. Continue Reading Digitizing the Accounts Receivable Process
The use of a company car is a valuable fringe benefit for business owners and key employees. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. Continue Reading Providing a Company Car? Here’s How Taxes Are Handled
As businesses head into 2022, they face unprecedented challenges. In response, many are using so-called “rolling” forecasts to help guide decision-making. Continue Reading Rolling Forecasts Provide Flexibility in Uncertain Times
If you’re going to receive a personal injury or discrimination settlement or award, you want the best tax result possible. Here are the basic rules of when amounts are tax free or taxable. Continue Reading How are Court Awards and Out-of-Court Settlements Taxed?
Ever wonder how much of a tax break you’d get if you bought a private plane for your business? Here are the basic rules. Continue Reading The Tax Implications of Owning a Corporate Aircraft
Local governments often provide tax breaks and other financial incentives to lure businesses to town. How much detail are businesses required to disclose about these transactions? Continue Reading Coming Soon: New Accounting Rule on Government Assistance Disclosures
You may know that your not-for-profit needs to avoid excess benefit transactions, but are you sure you know what they are? A full understanding can help your nonprofit avoid mistakes. Continue Reading Why Excess Benefit Transactions are Out-of-Bounds
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Are you liable for two additional taxes on your income?
/in Tax/by KKB CPAsHigher-income folks may be subject to a couple extra taxes, in addition to federal income tax. Here’s an explanation of the 3.8% net investment income tax and a 0.9% additional Medicare tax. Continue Reading Are you liable for two additional taxes on your income?
Understanding taxes on real estate gains
/in Tax/by KKB CPAsIf you’re the owner of a pass-through entity, the federal income tax rules for gains from the sale of business real estate or vacant land may be more complicated than you thought. Here’s a look at the issues. Continue Reading Understanding taxes on real estate gains
Cash or accrual accounting: What’s best for tax purposes?
/in Tax/by KKB CPAsChoosing between the cash method of accounting and the accrual method for tax purposes can impact your tax situation. But not all businesses qualify for both methods. Continue Reading Cash or accrual accounting: What’s best for tax purposes?