KERNUTT STOKES BLOG

Year-End Tax Planning

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.

read more
Three Types of Holiday Celebrations with Employees

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.

read more
Moving Assets From an S Corporation to a Partnership

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.

read more
Third Time’s the Charm?

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.

read more
Five Tips For Setting Up a Reporting Hotline

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.

read more