HK News

IRS clarifies theft and fraud loss deductions The Tax Cuts and Jobs Act (TCJA) significantly limited the types of theft losses that are deductible on federal income taxes. But a recent “advice memo” (CCA 202511015) from the IRS’s Office of […]

Need to file an amended return? You filed your tax return and breathed a sigh of relief. Then you realize that you forgot to include something important. In general, you can file an amended return and claim a refund within […]

Managing payroll can be a major challenge for small business owners, especially as state and federal payroll tax regulations continue to evolve. Missteps in this area aren't just minor hiccups — they can lead to significant financial penalties and operational […]

If you've reached the age where you must take required minimum distributions (RMDs) from your IRAs and don't need the extra income, making qualified charitable distributions (QCDs) might be a tax-smart move. Briefly stated, this special tax provision allows an […]

The flat 21% corporate federal income tax rate ushered in by the Tax Cuts and Jobs Act makes operating your business as a C corporation attractive. That rate applies to all C corporations, including those classified as personal service corporations […]

You may soon be unable to pass through security checkpoints at your local airport using your current form of identification, even if you're flying domestically. The crackdown is aimed at U.S. citizens who don't yet have a REAL ID-compliant driver's […]

A valuable business tax credit As of January 2025, the unemployment rate was reported to be 4%. Employers facing hiring challenges may benefit from a valuable one-time federal tax credit available through 2025. The Work Opportunity Tax Credit (WOTC) incentivizes […]

The Financial Independence, Retire Early (FIRE) movement is a hot trend among Millennials. The idea is to make money fast, save it and grow it quickly to retire as early as possible. This approach requires sacrifices. FIRE advocates recommend living […]

Profit-sharing plans (PSPs) have been around for decades. Employers may use them to attract and retain workers and incentivize employee productivity. However, PSPs have gradually faded into the background as 401(k) plans gained popularity. In today's tight labor market, some […]

Subsequent events are in the spotlight these days. The Public Company Accounting Oversight Board (PCAOB) recently initiated a project to modernize outdated auditing standards related to these events. The PCAOB says the audit guidance hasn’t kept pace with changes in […]

The Trump administration is proposing and implementing a wide range of new policies at a rapid pace. Many could have significant repercussions for U.S. manufacturers. Read on to learn about three of the most important areas to watch as the […]

A business interest’s value is more than just a number to its owner. It represents years of hard work, sacrifice and investment. Owners often believe they have a clear understanding of their company’s worth. But emotions and optimism about future […]