There are several factors to consider when converting from a C corporation to an S corporation. Here are four of the tax issues you may face. Continue Reading Should you convert your business from a C to an S corporation?
Starting in 2024, newly formed corporations, LLCs, limited partnerships, and other entities that file formation papers with a state’s Secretary of State office (or similar government agency) must file a report providing specific information regarding the entity’s “beneficial owners.” Entities in existence prior to January 1, 2024, have until January 1, 2025, to file these reports. Continue Reading California Pass-Through Entities: The first 2024 PTE payment is due June 15
If you’re adding a new partner to your partnership, you may think the tough part is over once you find the right person. But there could be complex tax issues to consider. Continue Reading Growing your business with a new partner: Here are some tax considerations
Home selling (and buying) season is heating up. At the same time, rents are high in many parts of the country. What are the tax implications if you buy another home but decide to keep your current home and rent it out? Continue Reading The pros and cons of turning your home into a rental
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
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
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
The April 15 tax deadline is approaching, but what if you’re not ready to file? There are some simple steps you can take to avoid steep penalties. Continue Reading The tax deadline is almost here: File for an extension if you’re not ready
There’s more than one way for businesses to claim depreciation tax deductions. By combining them, you can get optimal tax-saving results. Continue Reading Coordinating Sec. 179 tax deductions with bonus depreciation
Many retirees are surprised to find out that some of their Social Security benefits are hit with federal income tax. Will you be one of them? Here are the rules. Continue Reading Beware of a stealth tax on Social Security benefits