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The state’s decision to remove the property value option – or “alternative base” – from Tennessee’s franchise tax is expected to provide $1.55 billion in refunds for about 100,000 businesses.
In some parts of the United States, rental property is a hot commodity. If you’ve considered getting into the race by turning your house into a rental, consider the ups and downs of being a landlord.
Once your 2023 tax return has been filed, you can breathe a sigh of relief. But there still may be tax issues to consider, including three at the top of the list.
Businesses typically adopt one of two common accounting standards – either U.S. Generally Accepted Accounting Principles (GAAP) or tax-basis reporting accounting – to prepare their financial statements. Knowing the differences is crucial to decide which is best for you.
The April 15 tax deadline is approaching, but what if you’re not ready to file? There are simple steps to avoid steep penalties.
The SECURE 2.0 law includes good news about required minimum distributions from tax-favored retirement accounts. But an earlier law contained bad news for certain beneficiaries of inherited retirement accounts.
Many retirees are surprised to find out that some of their Social Security benefits are hit with federal income tax. Don’t be one of them.
The qualified business income (QBI) deduction is scheduled to disappear after 2025. Congress could extend it, but don’t count on it. Here’s what you need to know to make the most of it while you can.
The deadline to comply with a new U.S. Department of Labor rule regarding worker classification is March 11.
Reach out to any member of our tax services team for answers to your questions about tax compliance and consulting issues.
"We saved one client $700,000 using R&D credits — credits that the company’s previous CPA told them they were not eligble to claim. We stay on top of the latest tax laws to help clients reduce their taxes.”
Mark Patterson, KraftCPAs Tax Services
