Tax Tips Archives - KB CPA Services P.A

Are you confident that your Partnership or LLC is ready for a possible audit?

On September 1, 2020, the Internal Revenue Service (IRS) added a new section called the BBA Centralized Partnership Audit Regime to its website, IRS.GOV. The step was taken as part of its objective to increase partnership audits in 2021. Prior to January 1, 2018, when the IRS audited a partnership, tax, interest, or penalties owed …

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President Biden’s State of the Union tax related topics

Tax Tips / By kbcpa

On February 7, 2023, President Biden delivered his State of the Union address. Among many topics addressed, we picked the following: No Income tax increases. The President stated that there were no plans on raising income tax rates for income under $400,000 per year. Billionaire Minimum Tax. Biden reiterated his commitment to a proposal for …

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The Secure Act 2.0 and the Importance of Retirement Savings

Tax Tips / By kbcpa

Retirement is an important part of every individual’s financial life, and the recently passed bipartisan budget bill includes provisions that aim to increase access to retirement savings for all Americans. In this article, we will explore the key elements of the retirement savings package and how it will benefit individuals and families. The SECURE 2.0 …

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Important Tax Law Changes for small business owners in 2023

Tax Tips / By kbcpa

Tax Law Changes There are many important changes in the Tax laws, we picked what’s most important to our business clients. Standard Mileage Rates In 2023, the rate for business miles driven is 65.5 cents, up 3 cents from the midyear increase setting the rate for the second half of 2022 Section 179 Expensing In …

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Your tax refund will likely be smaller in 2023 tax filing season

Tax Tips / By kbcpa

Here are some tips to consider in 2023 tax filing season: It’s time to file your tax return, and many of us are facing smaller refunds, shrunken tax credits and deductions — right as inflation and higher debt loads are biting into our budgets. The IRS starts accepting tax returns for 2022 earnings on Jan. …

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The Wayfair decision has resulted in new remote and online seller tax rules.

Tax Tips / By kbcpa

The Supreme Court’s decision in the Wayfair case has prompted several states to enact new remote seller laws. On June 21, 2018, the United States Supreme Court ruled in South Dakota v. Wayfair Inc. that states can require online sellers to collect state sales tax on their sales. This overturns the Court’s 1992 decision in …

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IRS Announces 2023 Inflation Adjustments for Several Key Tax Figures

Tax Tips / By kbcpa

The IRS has announced the cost-of-living adjustments (COLA) for the items below for the 2023 tax year [Rev Proc 2022-38, IR 2022-182]. Qualified transportation fringe benefits. For 2023, an employee will be able to exclude up to $300 a month for qualified parking expenses, and up to $300 per month or the combined value of transit passes and transportation in a …

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Are Disability Pensions and Benefits Taxable?

Tax Tips / By kbcpa

It’s critical to understand how disability benefits are taxed if you have or expect to receive one. The majority of disability pensions, but not all, are taxable. Employer Disability Pensions If you retired early due to disability, you must include any disability pension you receive under an employer-paid plan in your income. Until you reach …

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Using an Offer in Compromise to Settle a Tax Bill

Tax Tips / By kbcpa

How to use an offer in compromise to settle a tax bill with the IRS. There are times when you can clear the tax slate for a huge discount. If you qualify for a “offer” or “OIC,” which is short for “offer in compromise,” the IRS will accept less than what you owe on a …

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Top Personal Tax Deductions

Tax Tips / By kbcpa

Most of the best tax breaks for individuals can only be used if you itemize your deductions instead of just taking the standard deduction. Since 2018, when the standard deduction was almost doubled, only about 11% of taxpayers today itemize. For 2022, the standard deduction for single people is $12,950 and for married people filing …

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Tax Tips

Are you confident that your Partnership or LLC is ready for a possible audit?

President Biden’s State of the Union tax related topics

The Secure Act 2.0 and the Importance of Retirement Savings

Important Tax Law Changes for small business owners in 2023

Your tax refund will likely be smaller in 2023 tax filing season

The Wayfair decision has resulted in new remote and online seller tax rules.

IRS Announces 2023 Inflation Adjustments for Several Key Tax Figures

Are Disability Pensions and Benefits Taxable?

Using an Offer in Compromise to Settle a Tax Bill

Top Personal Tax Deductions

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Are you confident that your Partnership or LLC is ready for a possible audit?

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President Biden’s State of the Union tax related topics

The Secure Act 2.0 and the Importance of Retirement Savings

CPA services for Medical and Dental Practices

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