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....
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....
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....
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...
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....
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....
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...
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...
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...
KRS senior accountants Lance Aligo and Diane Pineda recently participated in an NJBIA panel focusing on personal finances for young professionals. The first few years following college can be very challenging and it’s important for YPs to understand the tax implications of life changes.This post...
