Insights

In the state of Kentucky, the deadline for property owners to apply for a homestead exemption is December 31. Do you have all the information you need to file your application?

Effective for tax year 2020, the IRS has changed the way non-employee compensation should be reported. This was previously reported on 1099-MISC Box 7. Non-employee compensation will now be reported on 1099-NEC Box 1. It's time to consider upgrading your accounting software to make changes around this easy and efficient.

Tax planning for 2020 is considerably more complicated for many individuals and businesses. A discussion of all the “what ifs” is beyond the scope of this article, so our planning ideas that follow focus on reducing 2020 taxes.

This article reviews some thresholds and limits for 2021, such as the standard deduction, Social Security benefits, adjustments for retirement accounts, gift taxes, and more.

Collaborative technology and meeting solutions that cross-function can dramatically increase efficiency. Here are questions you should ask yourself when budgeting for 2021 technology needs.

Below, we have created a visual representation of the 2020 federal income tax brackets for both single and married taxpayers. Although our graph stops at $700,000 of taxable income, the top bracket continues up indefinitely.

Two payroll tax credits established earlier this year, the Paid Sick and Family Leave Tax Credits and the Employee Retention Credit, are set to expire on December 31, 2020.

Nearly two years ago, we published an article on the proliferation of dollar and other thresholds set by states that, if exceeded, would result in a business having to collect the states’ sales tax. Before a state can exercise its taxing authority over a business, the business must have “nexus” with the state. This article provides an update on where the states stand on nexus for income taxes.

We have assembled four graphs below to visualize certain state financial data collected and published by the US Census Bureau. In each case, the data are drawn from the most recent source available.

Many small businesses across the United States are waiting for a promised second round of Paycheck Protection Program loans. While we wait, here is some general information about the Program and the latest updates.

The CARES Act has increased the deduction limit on cash charitable donations from 60% to 100% of adjusted gross income.

This article reflects what we believe our nation can expect in federal tax law changes, but the election results, as uncertain as they are currently, make that effort quite a challenge.