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The tax implications of renting out a vacation home

If you rent your vacation home for less than 15 days during a year, there’s a special tax break. Here are the rules for vacation rentals.

4 ways to prepare for next year’s audit

It’s time to prepare for next year’s audit. Are you ready for fieldwork to begin?

FASB approves updated rules for disclosing income taxes

Updated rules have been approved that will require more detailed disclosures on income taxes to help stakeholders better understand your company’s tax position. Here’s what you should know.

IRS suspends processing of ERTC claims

With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through year end.

It’s important to understand how taxes factor into M&A transactions

Buying 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!

Plan now for year-end gifts with the gift tax annual exclusion

The 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.

Financial statements at a glance

Can you name the three reports that make up a comprehensive set of financial statements under U.S. GAAP? To get a holistic assessment of your organization’s performance, it’s important to look beyond profits.

Selling your home for a big profit? Here are the tax rules

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.

Guaranteeing a loan to your corporation? There may be tax implications

If your corporation defaults on a loan that you guarantee, there may be tax consequences. You don’t want to be caught unaware.

Insights

Keep these 3 issues in mind after you file your return

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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

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Update on retirement account required minimum distributions

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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

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The tax deadline is almost here: File for an extension if you’re not ready

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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

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