At KT, our mission is to ensure your tax returns are completed accurately and on time. As one of the firm’s Tax Partners, I want to share some essential updates to our extension process. Document Deadline To help you receive a timely and accurately filed tax return or extension,…
When I start with a new payroll client, I like to lay out the expectations of what the client can expect from me and my team, and what I will in turn expect from the client. It’s important to note that enlisting KT to handle your payroll services does not…
In today’s world, immediacy has become the norm as individuals and businesses alike expect to be served quickly. With social media, instant, real time responses are common and with that, phishing, vishing, and account fraud have skyrocketed. In the financial and accounting industries, wire transfers have become a favorite target…
Income Thresholds for Filing Form 990 Also read Amie Stevenson’s related post – The Value of a Well Prepared 990 Form 990 is an annual tax return filed by nonprofit organizations in the United States to the IRS. It provides a comprehensive overview of a nonprofit’s financial activities, governance,…
Tips for efficient year-end (and all year) bookkeeping. Navigating the financial landscape of a business can be compared to steering a ship through uncharted waters. The constant demands of financial tasks can feel overwhelming and potentially lead to errors. However, maintaining up-to-date accounts will significantly streamline your processes and provide…
How Outdated Beneficiary Designations and Property Titling Affect Income Taxes and Other Unintended Consequences When it comes to estate planning, many people focus on creating wills or trusts to ensure their wishes are carried out according to plan. However, an equally important yet often overlooked aspect is managing the…
Also read Joshua Drake’s related post What Form 990 Does my Nonprofit Need to File? For tax-exempt organizations, a tax return is far more than just an annual filing requirement. It serves as a crucial tool for demonstrating transparency, financial stewardship, and governance practices. Whether your organization files…
On Tuesday, December 3, 2024, a federal district court in Texas issued an order granting a nationwide preliminary injunction that blocks the Corporate Transparency Act (CTA)’s beneficial ownership information (BOI) reporting requirements, and the related deadlines to comply with the CTA’s reporting requirements, including the initial filing deadline…
This is the second installment of my two-part blog series discussion on tax return extensions. You can read my first article here To Extend or Not to Extend? (Part 1) in which I discuss some of the benefits of extensions. In this blog, I will focus on business tax…
To qualify for a parsonage allowance, the IRS first requires you to meet the definition of a minister. The IRS defines a minister as an individual who is “duly ordained, commissioned, or licensed by a religious body constituting a church or church denomination.” Additionally, the minister must have the authority…
