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Thinking ahead to your next Form 990

You may be alert to such issues as unrelated business income, but the IRS requires nonprofits to report many activities on their Form 990. We suggest you keep four lesser-recognized issues in mind this year.

Tax tips when buying the assets of a business

When buying a business, you may not focus on taxes. But the way the transaction is structured can lead to better or worse tax results after the acquisition.

Should you convert your business from a C to an S corporation?

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.

California Pass-Through Entities: The first 2024 PTE payment is due June 15

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.

Growing your business with a new partner: Here are some tax considerations

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.

The pros and cons of turning your home into a rental

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?

Getting a handle on inventory

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?

Keep these 3 issues in mind after you file your return

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.

Update on retirement account required minimum distributions

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.

Insights

Advantages of keeping your business separate from its real estate

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It 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

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Cutoffs: When to report revenue and expenses

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Does 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

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Help ensure your partnership or LLC complies with tax law

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Guaranteed 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

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