If you’re selling your principal residence, or you already sold your home in 2023, some or all of the profit may be tax-free. It depends on the amount of profit and your income. Take a look at the basic rules. Continue Reading Selling your home for a big profit? Here are the tax rules
If your corporation defaults on a loan that you guarantee, there may be tax consequences. You don’t want to be caught unaware. Continue Reading Guaranteeing a loan to your corporation? There may be tax implications
Don’t let your nonprofit’s audit preparation become a last-minute sprint. Plan early so you’ll have the right records ready for review. We offer suggestions. Continue Reading Nonprofits: Ready, set, audit!
Should your company report tax positions taken (or to be taken) on tax returns before they’re resolved with the tax authorities? Here’s an overview of the accounting rules for uncertain tax positions under U.S. GAAP. Continue Reading Reporting UTPs on your financial statements
You can operate your small business in several ways. For example, your entity can be a sole proprietorship, an S corporation or a partnership. Here are the advantages of operating as a limited liability company (LLC). Continue Reading The advantages of using an LLC for your small business
KKB is pleased to announce that Hillary Cunningham joined the Firm as a Tax Manager. Continue Reading Boosting Our Tax Expertise: KKB Welcomes Hillary Cunningham, Tax Manager
Launching a business? Here’s how start-up expenses are handled on a federal tax return. Continue Reading Starting a business? How expenses will be treated on your tax return
We wish you a safe and festive 4th of July holiday with your family and friends. Continue Reading Happy 4th of July
With a financial crisis averted, let’s take a look at the highlights of the Fiscal Responsibility Act. Continue Reading What’s in the Fiscal Responsibility Act?
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Advantages of keeping your business separate from its real estate
/in Tax/by KKB CPAsIt may be advantageous to separate ownership of a business’s real estate from the business. But it isn’t always advisable. Here’s a look at the issues. Continue Reading Advantages of keeping your business separate from its real estate
Cutoffs: When to report revenue and expenses
/in Tax/by KKB CPAsDoes your company follow the cutoff rules? Loose interpretation of the accounting rules can lead to errors and unexpected audit adjustments. Here’s how to get it right. Continue Reading Cutoffs: When to report revenue and expenses
Help ensure your partnership or LLC complies with tax law
/in Tax/by KKB CPAsGuaranteed payments to partners and payments to retired partners are just two of the tax issues that should be addressed in your partnership (or LLC operating) agreement. Here are the details. Continue Reading Help ensure your partnership or LLC complies with tax law