This June, the U.S. Department of the Treasury and the IRS issued final regulations that require taxpayers to reduce their charitable contribution deduction by the amount of any state or local tax credits they receive or expect to receive in return. In addition, the IRS stated that taxpayers may treat payments they make in exchange… Continue reading Final Regulations on Charitable Contributions and State and Local Tax Credits
Month: July 2019
How to Stay Focused at Work
An eight-hour work day can be filled with dozens of distractions. From emails to meetings to coworkers asking you questions, it can feel almost impossible to get everything you need to done. It’s important to remember that staying focused while you’re at work is a matter of building good habits. Below are five ways that… Continue reading How to Stay Focused at Work
Small Employer Pension Plan Start Up Costs
If you’re a newly established or recently acquired business, or a business that took several years to become profitable, now may be the time to put more money into employee benefit plans like a qualified retirement plan. Your business may be entitled to a tax credit that would reduce your business’s 2019 tax bill for… Continue reading Small Employer Pension Plan Start Up Costs
Need Advanced Time-Tracking? Connect QuickBooks Online to An App
You can track the hours employees work in QuickBooks Online. But if your time-tracking needs are complex enough, you’ll need an integrated app. If your company has a staff and sells services, you know better than anyone that time is money. It’s critical that you track every minute that employees work, as well as those… Continue reading Need Advanced Time-Tracking? Connect QuickBooks Online to An App
Identity Theft and the IRS
Identity theft happens when someone uses your personal information without your permission. While this can include credit cards, banking information, and passwords, it’s your Social Security number that’s the biggest IRS-related identity theft problem.
Using QuickBooks’ Bill Tracker
If your business pays a lot of bills, you need an efficient system for staying current with them. QuickBooks’ Bill Tracker provides that. Bill-paying may be your least favorite accounting activity. You definitely know how those checks and online payments affect your account balances, but it’s more than that. Staying up to date with your… Continue reading Using QuickBooks’ Bill Tracker
KRD Client Spotlight Summer 2019: Mr. Floor
When Felix Murokh started Mr. Floor in 1987, they were a fledgling organization comprised of a few skilled craftsmen all dedicated to customer service.
AICPA Outlines Priority Recommendations for IRS
The American Institute of CPAs (AICPA) submitted more than 140 recommendations to the IRS regarding its 2019-2020 Guidance Priority List. This list identifies and priorities items the AICPA believes the U.S. Department and Treasury and the IRS should address.
Strategies for Avoiding the Accumulated Earnings Tax
The federal government discourages companies from “stockpiling” their capital by using the accumulated earnings tax. This tax—added as a penalty to a company’s income tax liability—specifically applies to the company’s taxable income, less the deduction for dividends paid and a standard accumulated tax credit of $250,000 ($150,000 for personal service corporations).