Mar 01 IRS 2018 Tax Myths
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....
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....
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...
Jul 18 Prepare Now for Easier 1099s in January ’18
Now is the time to contact vendors for any missing W-9 forms, so that you have a less frenetic year-end. Our recommendations and tips for filing 1099s can make the process much easier for you. ...
Nov 22 Consider Converting to an S Corporation to Avoid Taxes
If you have a closely held corporation that is set up as a C corporations, you need to consider electing to be taxed as an S corporation, where there is only one level of taxation. This post reviews S corporation eligibility requirements and points out...
Feb 02 Key Features of the Proposed Trump Tax Plan
President Trump has proposed a detailed tax plan that will revise and update both the individual and corporate tax codes. Here are some of the key plan elements that could affect individuals and small business owners, if enacted into law....
Jan 23 2017 NJ Tax Changes Business Owners Need to Know
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....
Nov 22 How to Ruin a Like-Kind Exchange
I had a taxpayer call me about the sale of a rental property. Here's the big mistake he made that cost him big $$$ because it couldn't be structured as a 1031 exchange....
Oct 24 Tax Planning Strategies – Minimizing 2016 Individual Income Taxes
It is never too early to get a jump start on tax planning. Why not start now and minimize end of the year holiday stress? These four tax strategies could help reduce 2016 taxes....
Jul 22 Stay in Touch With Your Accountant Even After Your Tax Return is Filed
By tapping into your accountant's knowledge and expertise after tax season, you can get help with the complex issues facing your business. This post talks about some of the ways a CPA can help you outside of tax season....
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