HK News

Keeping up with ever-evolving tax laws can be challenging for individuals and small business owners. Because the IRS continuously refines its systems for detecting errors and inconsistencies, it's important to understand potential audit triggers — and how to avoid them. […]

If you're self-employed, run your own small business, or have rental or investment income, there's a good chance you must make quarterly estimated tax payments. These payments include income tax and, if applicable, self-employment tax. Failing to make them — […]

The U.S. House of Representatives has passed its budget reconciliation bill, dubbed The One, Big, Beautiful Bill. Among other things, the sweeping bill would eliminate clean vehicle credits by the end of 2025 in most cases. If you’ve been pondering […]

The U.S. House of Representatives passed its sweeping tax and spending bill, dubbed The One, Big, Beautiful Bill Act (OBBBA), by a vote of 215 to 214. The bill includes extensions of many provisions of the Tax Cuts and Jobs […]

Whether your company is a family-run operation, a partnership among friends or a multi-owner enterprise, a buy-sell agreement helps protect it in potentially disruptive “what if” scenarios, including death, disability, divorce, disputes or simply a change of heart. These events […]

Investing in a home brings tax benefits Purchasing a home is the most significant investment most people will make. Owning your home comes with valuable tax advantages that can reduce your annual tax bill. One of the primary benefits is […]

The month-end close is a pain point for many small to midsize businesses. While internal accounting teams often aim to wrap up the close within three days, a recent survey found that half the respondents actually take six days or […]

Manufacturers are facing uncertainty on a variety of fronts. Rapidly shifting tariff policies, supply chain disruptions, fluctuating demand and rising raw material costs are likely among the factors creating shaky ground for your business. But two proven financial planning tools […]

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 […]