HK News

1. If You Make Estimated Tax Payments, a Deadline Is Coming Up 2. Exceptions to the 10% Early Withdrawal Penalty Require Proof 3. The "Tax Gap" Hurts Those Who Pay their Fair Share 4. Settlement for Legal Malpractice Is Taxable Income 5. IRS Updates Amounts Delinquent Taxpayers Can Keep

With the April tax filing deadline in the rear view, now is the time to take certain tax-related action steps in preparation for next year.

The SECURE Act nixed the “stretch IRA” and replaced it with a new 10-year rule on inherited IRAs. However, subsequent IRS guidance has created confusion about when certain beneficiaries must begin taking distributions.

Summer brings sunshine, ice cream trucks, baseball, fireworks and potential federal tax saving opportunities. Here are nine hot summer tax-planning ideas for small business owners and individuals. Some tips — such as sending the kids to summer camp, buying a boat or RV, and taking a trip that combines business with pleasure — enable you to combine tax planning with summertime fun.

When it comes to occupational fraud, many businesses and not-for-profit organizations adopt an "it can't happen here" mindset. But the 2022 Report to the Nations reveals that fraud is a pervasive global epidemic. Proactive organizations take steps to reduce opportunities for employees to steal. Here are some key findings from the new study, including a list of the top 10 fraud trends from the last decade.

Congratulations to Supervisor Barbara Danner on receiving the QuickBooks Online ProAdvisor Certificate! Barbara serves as a member of our Client Accounting Service (CSA) team, assisting clients with back-office tasks, preparing financial reports, providing operational efficiency advice, and preparing various tax […]

SECURE 2.0 passed the U.S. House with strong bipartisan support. While the Senate is working on its own bill, learn about the provisions of the House’s version.

1. Court Determines that an Activity Was Engaged in for Profit 2. Nursing Services Company Loses in Court 3. Accounting Method of a Retirement Community Is Upheld in Court 4. Bookkeeper Must Pay Penalty After He's Found to Be a Responsible Person

If you're thinking about selling your business, you'll need to consider the buyer's perspective to help close the deal. Taxes are an important issue in negotiating the terms of the deal, and the buyer's tax objectives may conflict with yours. Here's an overview of the due diligence considerations from both parties' perspectives.

Home ownership can be a financially rewarding investment, especially when you factor in the potential tax savings opportunities. This article summarizes various federal tax breaks that sweeten the deal for homeowners today, including the home sale gain exclusion, itemized deductions for mortgage interest and property taxes, credits for certain "green" home improvements and more.

1. Involved in Crypto? Here Are Some Tax Issues 2. Reporting Income Earned from Gigs 3. Tip Income Responsibilities for Employees and Employers 4. IRS Issues the 2022 Foreign Housing Cost Exclusions 5. Supreme Court Declines to Hear Passport Revocation Case

In the current economic environment, many rental property owners are incurring losses. But they may not to be able to currently deduct them. Here's an overview of information that property owners should know about: deductions for operating costs and depreciation, the passive activity loss rules, the excess business loss rule and net operating losses, as well as details about properties generating taxable income.