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. ...
Sep 20 What Doesn’t Your Credit Score Take Into Account?
FICO credit scores range from 300 to 850, with most lenders considering a score of 800 or higher to be excellent. The most important factor in determining your credit score is your payment history....
Sep 20 IRS Clean Vehicle Tax Credit FAQs
The Inflation Reduction Act of 2022 has altered the requirements for the clean vehicle tax credit, particularly for electric vehicles, including fuel cell vehicles. The credit is available for eligible commercial clean vehicles in addition to vehicles that were previously owned....
Jan 15 2017 Tax Legislation: What Individual Taxpayers Need to Know
At KRS, we’ve been tracking tax reform legislation closely. The new Tax Cuts and Jobs Act amends the Internal Revenue Code (IRC) to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. It is the most sweeping update to the U.S....
Nov 20 Excluding Gain on the Sale of a Principal Residence
One of the most valuable assets a taxpayer will ever sell is their personal residence. Under IRC Section 121 of current tax law, a taxpayer can exclude up to $250,000 ($500,000 if married, filing jointly) of gain realized on the sale or exchange of a...
Dec 05 Special Tax Allowance for Rental Real Estate Activities
If a taxpayer fails to qualify as a real estate professional, losses from rental activities may still be deductible. While real estate professionals are afforded beneficial tax treatment enabling them to deduct losses from their real estate activities, real estate nonprofessionals taxpayers may still benefit....
Nov 07 Food for Thought from NJBIZ FoodBizNJ Conference
Maria Rollins attended FoodBizNJ, which had the theme, “Setting the Table for Growth." She shares some key takeaways from the conference, including her insights into the challenges faced by family-owned food businesses....
Oct 12 KRS Business Insights Breakfast: Avoiding Employer Pitfalls
The recent KRS Insights Breakfast featured Randi Kochman, Esq., chair of the Cole Schotz Employment Law Department. Randi spoke about best practices for hiring and documentation and the complexities of family and medical leave.
For those who missed the breakfast, we wanted to share some of...
Sep 13 For Tax Savings, Consider an IC-DISC for Your Exporters
Did you know there is an underutilized tax incentive that can reap federal tax savings for manufacturers? One middle-market manufacturer recently saved approximately $300,000 in current year federal taxes by implementing the IC-DISC tax incentive, which promotes exporting goods manufactured in the United States that...
Sep 12 IRS Form 5472: What Foreign-Owned Companies Need to Know to Avoid Penalties
Is your company doing business in the US market? If you’re not filing IRS Form 5472, you could face large penalties. When a foreign company decides to conduct business in the U.S., not only must it decide what legal entity structure to use, but after...