KT Insights

  • View All

Building Up the Section 45L Energy Credit

WRITTEN BY BRIAN PEREIRA What is Section 45L? Section 45L of the Internal Revenue Code provides a tax credit (dollar for dollar savings on any tax liability) for qualified residential properties. The credit was set to expire on December 31, 2021, however, through the Inflation Reduction Act, the credit has been…

June 20, 2023

SD State Sales Tax: New Rate Effective July 1, 2023

On March 27, 2023, House Bill 1137 was signed into law. This bill decreases the state sales and use tax rate from 4.5% to 4.2%, effective July 1, 2023. Additional rates affected by the change are the special jurisdiction tax, excise tax on farm machinery and attachment units, the amusement…

June 20, 2023

IRS Penalties & Interest

I often have clients ask things like, “What if I don’t pay my estimated tax payments,” “Can I make payments to the IRS on my bill,” or “I can’t pay my taxes now, can we extend?” My answer is usually you can do what you want regarding paying the IRS,…

June 20, 2023

Performance = DOA

Addressing employees who are not meeting your performance standards is a challenging feat. And unfortunately, no one has come up with a pill, magic wand, or corrective recourse. That means to be successful, you must learn how to effectively address performance issues. Below I have outlined the don’ts and the…

June 20, 2023

USDA Assistance for Ag Producers

The COVID-19 Pandemic affected everyone around the globe and hit our ranching and farming communities hard. These programs were put in place to help clients like ours who experienced revenue losses from 2020-2021. The goal is to better support our farmers and offer a comprehensive approach to disaster assistance and…

June 14, 2023

Rules of Record Retention

Clients often ask how long they need to keep particular records. The answer is not as clear-cut as one may think. In general, the records should be kept for as long as they may be needed for federal and state tax returns, or for other possible legal reasons. Records supporting…

June 14, 2023

Extension

Tuesday, April 18, 2023, is the federal deadline for filing your 2022 individual income tax return. This is also the last day to request a six-month filing extension. An important thing to note is that this is only an extension to file, not an extension to pay. Any tax due…

April 11, 2023

Solo 401(k) Flexibility

In December, President Biden signed the SECURE 2.0 Act of 2022 (SECURE 2.0) into law. SECURE 2.0 has over 90 changes to help retirement savers and to urge more employers to offer retirement plans. One of these changes allows more flexibility for the Solo 401(k). What is a Solo 401(k)?…

April 4, 2023

Routine, Routine, Routine

I have a routine when it comes to backups. I backup my email, devices, and important files and then I backup our company and our client’s data. Yet, the routine rarely changes, other than by size and time. Every time I engage a backup, I watch the clock tick and…

March 31, 2023