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A new program and IRS form will allow businesses to pay back money and avoid penalties resulting from wrongful ERC claims.
The real estate market can be tricky, but there’s still big profit potential on business property. In these cases, a “like-kind” exchange may be attractive when selling commercial or investment real estate.
Residents of Davidson, Dickson, Montgomery, and Sumner counties qualify for special IRS exemptions as a result of the early December storms.
Making repairs and making improvements to your business might produce the same results, but they’re nothing alike when they’re listed on your 2023 tax return.
There’s a great tax perk that allows businesses to deduct employee bonuses this year but doesn’t tax the employee until next year. Unfortunately, that rule doesn’t always apply.
Dealing with the unexpected is part of business, and depending on the timing and situation, it can throw a big wrinkle into a company’s financial reporting.
It’s not just Santa who’s watching this time of year — so is Uncle Sam. To stay off his naughty list, remember which types of holiday joy are taxable and which aren’t.
There aren’t a lot of options to change your tax situation as the year winds down. Here’s a look at four that could still save you money.
If you’re strapped for cash, you might see the money sitting in your traditional IRA as a good solution. But if you’re under age 59½, pulling money from your IRA can come with a hefty penalty.
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
