Fall is officially here, and it is time to start thinking about end-of-year tax planning which includes form 1099s. The IRS requires these forms to be issued by a taxpayer engaged in a trade or business when they make payments to others engaged in a trade or business. The most…
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, consumers are now not only tipping more, but also more…
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: The work is performed in and around your home. You…
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, and Amortization (EBITDA),” seem to offer an easy shortcut to…
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 business filing requiring most U.S. companies to submit their BOI…
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, the new depreciation rules have taken their toll since bonus…
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 use. This article is one way to openly communicate, educate,…
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 business returns April 15 Deadline – Personal Form1040 & Corporate…
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 providing payroll expertise to our clients, we have designated…
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 is very real, the reporting has led to the latest…
