KS ADVISOR BLOG
Oregon Agricultural Overtime Pay Credit
House Bill 4002 was enacted on June 3, 2022, which requires overtime pay for agricultural workers. This bill will affect all aspects of the agricultural industry, from crops, dairies and livestock to delivery and storage of agricultural products starting January 1, 2023.
IRS Warns About Employee Retention Credit Schemes
The IRS is warning employers to be wary of promotions for the employee retention credit (ERC) that sound too good to be true. According to the IRS, some third-party firms are taking aggressive or improper positions when it comes to determining eligibility for and calculating the credit.
2022 Year-End Tax Planning Ideas
As year-end approaches consider the following tax planning ideas and action items before ringing in the new year for individuals and businesses.
Is Your Company Effectively Managing Tax Risk?
The concept of “tax risk” is an important and regular topic of discussion across organizations and in boardrooms, and for good reason. Businesses that operate across state lines or internationally can in certain cases trigger tax liabilities in jurisdictions where they do not have a physical presence. As companies place additional focus on social responsibility and fiscal transparency, the benefits of having a tax risk policy in place can be substantial.
Changes to Lease Accounting
If you are a business owner, CFO, lender, or investor, you have probably long heard rumors of a new lease standard coming in the world of accounting. In fact, you have probably heard about it for so long that you don’t even remember when or what it is all about at this point. Well, the “when” is finally now, and the “what” I will describe more for you here.
The Great Regret Urges Plan Sponsors to Review Their Benefits Lineup
We have all heard of the Great Resignation, a term coined to describe the millions of employees that left their jobs since the onset of the COVID pandemic in 2020. Many employees who moved on to another job are having second thoughts about their decision—a new phenomenon that is being referred to as the Great Regret.
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.
