The federal government's Employee Retention Credit proved to be a lifeline for many businesses and their employees. The eligibility rules were complex and changed over time, as noted in an extensive IRS chart. Not all owners may have been able to figure out whether they were...
President Biden has announced a new student loan relief program. According to the White House, the new program will "provide targeted debt relief to address the financial harms of the pandemic, fulfilling the President's campaign commitment....
KRS CPAs was named as one of the Accounting Today’s 2022 Best Accounting Firms to Work for in the Small Employer Category. This marks the eighth time the Paramus-based firm has received this prominent award....
It's not always easy to figure out which home office write-offs are acceptable and which are not approved by the IRS. Below is a summary of the key provisions to give you a better idea of what you are able to deduct with the IRS....
Taxpayers who claim their standard deduction amounts can’t deduct their medical costs. Only if they itemize on Form 1040’s Schedule A are they able to deduct such costs....
Back in 1913, Woodrow Wilson began his first term as president, and Americans first filed Form 1040s. Right from the beginning, Congress told the IRS to enforce rigid rules for compensation and to forget about gifts. The IRS followed orders....
On August 12, Congress passed the Inflation Reduction Act, over 700 pages of economic changes. What does the act do? And just as important, what does it not do?...
Officially called the Family and Medical Leave Act, the FMLA is a federal law that makes it a requirement for employers with at least 50 employees to offer unpaid though job-protected leave to any and all eligible employees. Here are common mistakes to be...
Accounting manager Lance Aligo, CPA, MSA, advances to a partner position at KRS. He will continue to provide his tax expertise to high net-worth individuals, real estate clients, and others in the firm’s growing client base. He will also continue to lead recruiting and staff...
ASC 842 impacts all entities that lease property, plant or equipment and report under GAAP On February 25, 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update, ASU 2016-02, Leases (ASC 842). For non-public entities, ASC 842 is effective for fiscal years beginning...
