KS ADVISOR BLOG
Oregon Pass-Through Entity – Elective Tax
As you may be aware, the tax laws changed back in 2018 limiting your federal personal State and Local Tax “SALT” deduction to $10,000 per year. This change (i.e., lost deduction) was widely covered in the media and is now commonly known as the “SALT Cap”.
LIBOR Transition Regulations
On March 5, 2021, the ICE Benchmark Administration (IBA) announced that publication of overnight, one-month, three-month, six-month and 12-month USD LIBOR will cease immediately. To address the elimination of LIBOR, the IRS proposed regulations, which were then finalized on December 30, 2021.
Avoiding Income Tax on the Sale of Stock
If it is true that, “for everything there is a season, and a time for every matter under heaven,” then the enactment of the Tax Cuts and Jobs Act (“TCJA”) brought about a season in which taxpayers should take the time to consider doing business through a C corporation.
Year-End Tax Planning
Year-end tax planning is more challenging than usual this year due to the uncertainty surrounding pending tax legislation that could, among other things, increase top rates for ordinary income, capital gains and net investment income tax starting next year. Whether or not tax increases become effective next year, the standard year-end approach of deferring income and accelerating deductions to minimize taxes will likely continue to produce the best results for all but the highest income taxpayers.
Three Types of Holiday Celebrations with Employees
With many employers still having employees work from home due to COVID concerns, company holiday celebrations may look different than pre-pandemic times. However, this doesn’t mean that you can’t have festive times with your employees as there are still lots of fun ways to celebrate the holidays.
Moving Assets From an S Corporation to a Partnership
From an income tax perspective, business owners often view S corporations and partnerships as fungible forms of doing business. Although both entities generally avoid an entity-level tax by “passing-through” their income to their owners, partnerships often have significant advantages over S corporations.
FASB Modifies Risk-Free Discount Rate Practical Expedient for Lessees That Are Not Public Business Entities
The FASB issued ASU 2021-091 (“Update”) to amend the level at which private company lessees can elect the risk-free rate accounting as a practical expedient. Under the new standard, lessees can make this election by asset class rather than the current “all-or-nothing” approach for all leases.
Three Best Practices to Prevent Business Email Compromise
It is no longer a question of if your organization will experience some form of business email compromise (BEC), it is now only a question of how frequently it will occur and how prepared you are to handle it. There are many things you probably already have in place; we share some of the best protection methods are also simple.
President Biden Signs Bipartisan Infrastructure Bill
President Biden signed the “Infrastructure Investment and Jobs Act” on Monday, November 15, 2021, after the U.S. House of Representatives passed H.R. 3684 on Friday, November 5, 2021, in a 228 to 206 bipartisan vote. The Senate had approved the same version of the bill on August 10, 2021.
Three Things to Look for in Fraudulent Emails
Since the start of COVID organizations have seen a significant increase in fraud and fraud attempts. A study by the Association of Certified Fraud Examiners (ACFE) shows that 51% of organizations have seen an increase in fraud uncovered since the start of COVID and that 71% expect to see an even greater increase in the coming year.
Third Time’s the Charm?
A third version of H.R. 5376 (the Build Back Better Act) was released on November 3, 2021 by the House Budget Committee. This draft increases the state and local tax deduction, brings back many of the retirement proposals from the original September 13 draft of the Build Back Better Act, and retains the surcharge on high-income individuals, estates and trusts from the October 28 version.
Five Tips For Setting Up a Reporting Hotline
Based on studies performed by the Association of Certified Fraud Examiners (ACFE), the number one way that frauds are detected in organizations is consistently through tips. One of the ways you can increase the amount of tips your organization receives is through the implementation of a reporting hotline. Hotlines can be inexpensive and highly effective.