KS ADVISOR BLOG
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We offer a wide range of products from core accounting, payroll, inventory management, and manufacturing solutions. As your company grows, you’ll have an accounting solution that will grow with you.
Three Key Supply Chain Management Questions for 2023
Manufacturers will continue to face supply chain headwinds in 2023, a cause for concern following a turbulent few years. Economic uncertainty, supply shortages, rising costs and frustrated customers threaten to impede growth.
SECURE 2.0 Act Recap
On December 29, 2022, President Biden signed into law the Consolidate Appropriations Act of 2023. Included in this act is the SECURE 2.0 Act of 2022 (SECURE 2.0), one of the largest pieces of legislation affecting retirement plans in over a decade. At over 350 pages, the SECURE 2.0 Act contains over 90 provisions affecting retirement savings plans. Below is a summary of the points which may be of the most interest and importance for retirement plan sponsors.
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
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.
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.