The Taxpayer First Act of 2019 is redesigning how the IRS works with taxpayers, even though it may take a while for many of the provisions to take effect. The Act includes provisions including an independent appeals process, cyber-security and identity protection, and innocent spouse...
To collect unpaid taxes, the IRS is turning to private companies. The growing backlog of debt has proved too much for the agency, which continues to use four debt collection companies to round up outstanding payments from taxpayers who've been contacted numerous times and still...
Knowing which medical and dental expenses you can deduct on your tax returns can get complicated For starters, your deductions must exceed 7.5 percent of your adjusted gross income. And they have to fall into an IRS-approved category. Here's a summary of which expenses...
With tax season right around the corner, it’s time to start thinking about closing your books out for the year and preparing all your tax documents. One of the required tax documents you may need to send out is the 1099-Misc. While this can be...
When can you use bad debt to reduce business income? Even when you take the customer to court and you still don't get your money, there's a way to make lemonade from this lemon of a customer. This post explains what bad debt is, and...
Accounting for the growing cannabis industry is unique. Business owners must comply with strict state and federal regulations to avoid substantial penalties or even the risk of losing their business.
The potential for large cash transactions and banking restrictions common in the industry further emphasize the...
With the 2018 filing season in full swing, the Internal Revenue Service offered taxpayers some basic tax and refund tips to clear up some common misbeliefs. Don't fall prey to these top 5 myths as you prepare your taxes....
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....
Selling a vehicle out right or trading it in towards a new vehicle usually involves analyzing the economics of the transaction. However, tax factors can start to complicate things if that vehicle was used in your business. This post covers some of the tax implications...
In my last post I reported on key federal tax changes that small business owners need to know about. This post covers three significant tax changes in New Jersey: the sales tax decrease, Urban Enterprise Zone expirations, and estate tax changes....
