Jan 10 Imputed Income: What You Need to Know
Per the Internal Revenue Service (IRS), fringe benefits are taxable and must be counted in the recipient's gross wages, unless the item is specifically excluded by law....
Jan 10 Treasury Publishes Proposed Corporate Alternative Minimum Tax Regulations
The Inflation Reduction Act of 2022, signed into law on August 16, 2022, created a new corporate alternative minimum tax (CAMT) for taxable years beginning after December 31, 2022. On September 12, 2024, after issuing multiple pieces of interim guidance, Treasury and the IRS released...
Jan 10 New Jersey Enacts Corporate Transit Fee
On June 28, New Jersey enacted a corporate transit fee, a 2.5% tax on some corporation business tax (CBT) payers that have New Jersey allocated taxable net income in excess of $10 million.[1] The fee is effective for privilege periods beginning on and after January...
Jan 10 Summer Fun: Beaches, Pools and Taxes!
If you got married in June, in addition to thank-you notes, give some thought to the IRS to make filing your taxes easier:...
Apr 19 How to Get Employee Info Correct
If you know in advance what common errors employers make with W-2s, maybe you can avoid those mistakes next year....
May 08 What To Know About Trusts and Taxes
For all intents and purposes, a trust is considered its own entity. Trusts are legal documents, but they are also taxed separately from those to whom the assets within a trust will be distributed....
Mar 02 KRS CPAs Has Joined the BDO Alliance!
We are pleased to announce that KRS CPAs, LLC has joined the BDO Alliance USA, a nationwide association of independently owned local and regional accounting, consulting, and service firms with similar client service goals....
Mar 02 Tax and Finance Tips for Seniors
The first tip is to always question where you are planning to get your advice from when it comes to tax and finance tips for seniors. There are a lot of scams out there — from incompetent and so-called experts to downright crooked "professionals." ...
Jan 03 How Do Taxes Work With Bonuses?
Both owners and employees often misunderstand how taxes work with bonuses, leading to confusion and frustration. Fortunately, with some education and preparation, the situation can work out for everyone....
Aug 25 The Inflation Reduction Act: What Does It Contain?
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?...