The rules regarding required minimum distributions (RMDs) have been somewhat flexible over the past few years due to the pandemic as well as SECURE Act 2.0 which passed at the end of 2022. Here's some recent guidance and clarification from the IRS that affects account owners whose first RMD was in 2023: First, some background info . . . Traditional…
As the end of 2023 quickly approaches, it's time for businesses to start gathering data that needs to be reported on Forms W-2. Here's a list of things to be aware of: Personal Use of Company Vehicles - If your employees drive a company-owned or leased vehicle and use it for personal reasons, you'll need to account for that as…
We recently met with our friends at Stephens Real Estate. We enjoyed fielding questions and providing information on several topics. Some of these had accompanying resources we have linked below. These are, of course, general resources. Contact your tax professional for guidance associated with your specific circumstances. Small Business Expensing under Code Section 179 Business Tax Deductions You Might Miss…
In this article, we'll cover non-payroll issues to be aware of as you navigate year-end. Forms 1099 There's a veritable alphabet soup of Forms 1099, so it's important to use the right form for the right reason. Here's the list in alphabetical order (click on each one for the specific instructions): 1099-B, Proceeds from Broker or Barter Exchange Transactions 1099-DIV,…
Different types of contributions require different types of recordkeeping. If you want to deduct charitable contributions, you need to substantiate those deductions with good records. Here are the requirements for different types of contributions: Cash Contributions This includes donations made using all forms of cash and cash equivalents - cash, checks, electronic transfer, online payments, debit cards, credit cards, payroll…
Year-end brings lots of payroll considerations to the forefront. Regardless of whether Kindred CPA processes your payrolls or you do it in-house, if you provide any of the following benefits, you'll need to gather this information to properly account for taxable income on W-2's: Group Term Life Insurance If you pay group term life insurance premiums for yourself or your…
To download a handy chart of 2023 dollar limits for employee benefit plans and various tax items, click on the link below: 2023 Dollar Limits Flyer
You've probably seen or heard the phrase ‘student loan crisis’ in the news recently, along with a lot of discussion about whether all or a portion of federal student loans should be forgiven. It’s no surprise student loans have become a popular topic, as the total amount owed by the American public has soared in recent years. How Much Debt…
You may have noticed that gas prices are climbing. And climbing. And climbing. And where they'll stop, nobody knows . . . ? Our friends at the IRS are paying attention. They've increased the standard mileage rates for the rest of 2022. These mileage rates can be used to value deductible expenses when you drive for business, medical, or moving…
When you start your business, you determine whether you'll recognize expenses when they occur – cash basis – or in the period to which they belong – accrual basis. Let's say you pay your May rent bill in April. If you use the cash basis of accounting, this expense will be recognized in April. That's when the money actually leaves…