The Inflation Reduction Act of 2022 encourages taxpayers to consider switching from gas powered vehicles to electric vehicles by expanding the New Clean Vehicle Credit and introducing the Used Clean Vehicle Credit. Requirements of both credits include purchasing the vehicle…
There were many new and improved tax credits with the passing of the Inflation Reduction Act of 2022, and most of these improvements were effective starting in 2023. So, as you get ready to file for the 2023 tax season,…
KT has partnered with USI Insurance Solutions to offer a free webinar series for our clients. These webinars are prepared by USI industry experts and focus on recurring client needs/questions regarding compensation and benefits. There is no cost to attend, and sessions…
On Wednesday (January 31, 2024), the U.S. House of Representatives passed HR 7024 – The Tax Relief for American Families and Workers Act of 2024. This $78 billion tax package passed in the House with an 83% approval rate and…
The IRS began accepting and processing individual tax returns on January 29. This year’s filing deadline for individual returns is April 15, 2024. The IRS expects to receive more than 146 million individual tax returns for 2023 during the next…
The IRS announced last month that it would be waiving late payment penalties for tax years 2020 and 2021 for certain taxpayers. The waivers apply to taxpayers with tax assessments of less than $100,000 for 2020 and/or 2021 and who…
An African proverb states, “The best way to eat an elephant in your path is to cut him up into little pieces.” Preparing for business taxes at the end of the year can seem like eating an elephant – an…
10. I contributed money to my kids’ 529 education plans. What is the deduction for that? A: Federally, none. The money grows tax free and comes out tax free as long as it’s used for qualified educational expenses. In certain…
Employee benefit plan audits such as 401(k), 403(b), and ESOPs can be a daunting and stressful process, especially for those who have not been audited previously. KT is here to help alleviate that stress through our knowledgeable and experienced staff.
You may have heard about or even been advised to consider using a “Series LLC” structure. This article provides an overview of this new legal structure and the pros and cons from an accountant’s perspective. Please review this opportunity with…
