With the signing of the Inflation Reduction Act of 2022, the Energy Efficient Home Improvement Credit, previously known as the Nonbusiness Energy Property credit, and the Residential Clean Energy Credit were revived and expanded. Energy Efficient Home Improvement Credit The…
We’re all familiar with the age-old saying that only two things are certain in life: death and taxes. It’s safe to say that for most, discussing either topic isn’t exactly a delightful dinner conversation with your family. However, when these…
Retirement planning is a crucial consideration for business owners seeking to secure their financial future. Among the various retirement plan options available, the cash balance plan has gained reputation as an innovative and advantageous solution. Tailored to meet the needs…
What is an HSA? As Health Savings Accounts (HSA) become more popular, you may ask the question, “what is an HSA?” An HSA is a health account that is used for qualified medical expenses. Common examples of qualified medical expenses…
During the Fall season, I encourage Ag producers to pause and take some time to get caught up with their yearly bookkeeping. They should also spend some time reflecting on the current year and think about their plans and opportunities…
It is human nature to want to help others in times of need, tragedy, or disaster. Unfortunately, scammers see this as an opportunity to prey on unsuspecting people and trick them into giving to fake charities. In 2022 alone, consumers…
Raffles can be a fun and effective way for non-profit organizations to engage the public and raise funds to support the organization’s mission. However, from the perspective of the non-profit, there are legal considerations that must be kept in mind…
In a news release (IR-2023-169), the Internal Revenue Service (IRS) announced it will be temporarily stopping the processing of new Employee Retention Tax Credit (ERC) claims due to an increasing amount of fraudulent filings as many businesses are being…
Effectively managing personnel for KT’s Tax department provides the staffing challenge of finding the ever-elusive seasonal employee. For the 2024 tax season, I am taking this challenge as an opportunity to share why seasonal positions are our best kept secret.
If you receive a notice from the IRS, know that you are not alone. The IRS sends out millions of notices to taxpayers every year. Many of these notices contain failure to file and/or failure to pay penalties. Oftentimes, the…
