Tipping in America Today
In my youth, the phrase that boosted profits was, “Would you like fries with that?” Today, with the swivel of a tablet, we are asking our customers, “Would you like to add a tip?” According to Restaurant Business Magazine,…
Payroll for a Household Employee
Are you a household employer? If you have someone working for you as a nanny, caretaker, cook, housekeeper, or yard worker, they could be your household employee. There are a few factors to determine if the worker is your employee:…
Dangers of Relying on Business Valuation ‘Rules of Thumb’
When it comes to determining the value of a business, many owners and investors are tempted to rely on simple rules of thumb. These quick formulas, for example, “2-3 times annual revenue” or “5-7 times Earnings Before Interest, Taxes, Depreciation,…
BOI Reporting Requirement
If you have an established company or are planning on starting a new company in 2024 or beyond, please read this article carefully. What Is FinCEN BOI Reporting? BOI (Beneficial Owner Information) reporting is a mandatory NEW…
Bonus Depreciation vs Section 179: What You Need to Know
As 2024 nears its end, business owners may ask, “How much equipment do I need to buy by December 31, 2024, to lower my tax bill?” In the past, this was a fairly cut-and-dry answer and easy to calculate. However,…
Using Gen AI at KT
In this summer’s KT Addition, Brian Pereira wrote about “The Pitfalls of Using AI to Prepare Taxes.” This article will expand upon Artificial Intelligence (AI), in specific Generative AI (Gen AI). KT has a limited scope of Gen AI…
To Extend or Not to Extend? (Part 1)
When it comes to tax deadlines, filing tax returns in a timely manner is very important. Some of the more common deadlines that people are familiar with are: March 15 Deadline – Partnership Form 1065 & S Corporation Form 1120-S…
Outsourcing Payroll
Payroll falls just above talking to employees about body odor on my things I want to do list. However, it is an essential function for any business, full of complexities and potentially costly errors. Recognizing the need and benefit of…
My Intern Experience at KT
Why KT? I discovered Ketel Thorstenson’s internship program through my university’s Meet the Firms event, and from the moment I spoke with their representatives, I was intrigued. What set KT apart was not just their firsthand learning and…
BOI Reporting Scam
BOI (Beneficial Owner Information) reporting is a new mandatory business filing requiring most U.S. companies to submit their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) in 2024. While the actual requirement to report the BOI information…