Mar 20 Are Gifts Subject to Tax?
Many taxpayers are curious about whether gifting cash, property, or assets triggers any tax obligations. The answer is generally no; however, there are certain limits and exceptions to consider....
Mar 20 Meet the Team: Brandon Bonkowski
Say hello to Brandon Bonkowski, a Staff Accountant at KRS. He works across several areas, including tax, audit, client accounting services, and sales tax. ...
Mar 20 How Outsourcing Can Transform and Facilitate Month-End and Year-End Close
In a business world marked by uncertainty, month-end and year-end accounting challenges have remained a constant. The resolution of the recent political season and the Federal Reserve’s lowering of interest rates may have given organizations an overall renewed sense of optimism and the momentum to...
Mar 20 Meet the Team: Valentina Dautaj
We’re excited to introduce Valentina Dautaj, who joined KRS as an Administrative Assistant in November 2024. In this role, she assists in keeping the firm running smoothly by handling phone communications and client documents, processing returns, ordering supplies, and organizing events....
Mar 06 Essential Information for Closing a Business
If you’ve made the decision to close your business, it’s important to follow the proper steps to legally dissolve it. This process, known as dissolution, begins when you file the necessary paperwork with your state. By taking this formal step, you officially terminate your LLC...
Mar 06 Bookkeeping is Only Half the Equation for Effectively Managing Wealth
Many affluent families believe that their financial affairs are straightforward, leading to frustration over the lack of immediate access to comprehensive financial information for liquidity, budgeting, tax planning, and investment management purposes. In reality, however, many wealthy individuals have more complex financial affairs than they realize,...
Mar 06 Top Tax Issues Pass-Through Entities Should Consider in 2025
Pass-through entities, including partnerships, S corporations, and LLCs, can benefit from many tax advantages due to their structure, but they also encounter distinct challenges. BDO’s 2024 Tax Strategist Survey, which polled senior tax executives about their most pressing concerns and plans for the year ahead,...
Mar 20 Meet the Team: Colleen Luzaj
Please join us in welcoming Colleen Luzaj, who joined KRS as Controller in late 2024. In this role, she oversees all internal financial and accounting matters for the firm, including reporting to the partners. She also collaborates closely with the Managing Partner and HR on...
Mar 04 FinCEN Dials Back Enforcement of the Corporate Transparency Act
FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines....
Feb 19 Is Your Withholding Correct?
All year long, employers withhold income tax from the paychecks of their employees. Each paycheck is distributed to you after your employer has taken out a portion of your paycheck to pay the IRS on your behalf....