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 two and a half months. If you haven’t already, now…
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 were issued an initial balance due notice on or before…
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 overwhelming task. Cutting up the work into smaller pieces, and…
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 states with a state income tax, there are possible deductions…
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. Whether you have a benefit plan that has recently met…
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 your business attorney. Background Since the passage of the first…
The weather impacts all of us, but it impacts the farmer and rancher financially. Many farmers and ranchers have recently been impacted by major drought throughout most of the US. The IRS provides tax relief by allowing for the deferral of income under certain circumstances. There are two options available…
Below are the latest developments from the tax landscape, and this time, it’s a bipartisan effort led by the House Ways and Means Committee and Senate Finance Committee. Let’s dive into the key highlights:Key Provisions: Full Expensing of Domestic Research Costs: Extended until 2026, including the current and upcoming tax…
We continue to monitor Corporate Transparency Act (CTA) developments. This update includes the news that as of January 3, 2024, the Financial Crimes Enforcement Network (FinCEN), the bureau responsible for enforcing CTA provisions, has established its system for online filing of beneficial ownership information. Reporting companies required to file beneficial…
As we begin 2024, it’s crucial to start assembling all the essential information required for accurate filing of W-2 and 1099 information forms. The IRS mandates that any entity — be it a corporation, partnership, individual, estate, or trust — involved in a trade or business and engaged in reportable…
