Insights
Not everything in the accounting and financial world is black and white. Much is left to interpretation coupled with experience. At KHA, we know our clients value our perspective and guidance. We therefore not only see it as our duty to share regulatory updates, but also our commitment to share our insights on matters that impact you, our clients.
Topic
IRAs are an important tool for many individuals when it comes to managing their long-term financial goals. IRAs are generally considered investment vehicles that are exempt from tax, but this may not always be the case.
Individual Retirement Accounts (IRAs) described in section 408 are subject to the unrelated business income tax (UBIT) to the extent their gross unrelated business taxable income (UBTI) exceeds $1,000. IRA fiduciaries generally have the responsibility of filing Form 990-T, Exempt Organization Business Income Tax Return, but the tax liability belongs to the IRA.
Keeton decision: U.S. Tax Court denies a bad debt deduction – Treats advances as equity and not debt
In Keeton v. Commissioner the Tax Court denied the taxpayer a bad debt deduction saying it failed to have records proving the debt.
When employers pay employees with property or stock, rather than cash, special rules under section 83 apply.
SECURE 2.0 changes retirement plan rules for small employers with 100 or fewer employees.
Recent FTC guidance and delayed TCJA provisions will likely impact a taxpayer’s ability to take an FTC going forward. Start analyzing the impact now.
Administration releases Fiscal Year 2024 Budget and Greenbook explanation of tax proposals. Expectations are light for proposals to move forward in Congress.
The US Court of Appeals for the Seventh Circuit affirmed a 2021 US Tax Court ruling in Little Sandy, although it diverged from some of the Tax Court's reasoning.
Now that Research & Experimentation expenses must be amortized over several years, many companies are looking for ways to increase deductions and reduce taxable income. Here are three opportunities to potentially accelerate depreciation and reduce your tax liability.
IRS continues to win cases challenging the research and development (R&D) credit. Specificity and supporting documentation remain tantamount to sustaining R&D credits.
SECURE 2.0 changes the rules for how long-term, part-time employees are treated for purposes of 401(k) and 403(b) retirement plans.
SECURE 2.0 changes the rules governing how and when certain retirement savers can withdraw money from their retirement accounts and IRAs.
Total rewards programs attract, reward, motivate and retain the executive talent necessary to achieve your company’s goals.
Financial statement preparers should consider the impact of new tax laws and regulations on income tax calculations and disclosures in their 2022 financial statements.
The Tax Court held that section 179D does not require a subjective intent to meet energy savings targets.