by KNSS | Jul 13, 2023 | 2023 July
What are 1099-Ks? 1099-Ks are issued annually by Payment Settlement Entities (PSE) and third-party settlement networks to report payment transactions taxpayers received during the year via credit cards and other contractual payments. eBay, Venmo, Stub Hub and PayPal...
by KNSS | Jul 13, 2023 | 2023 July
For taxpayers that are the beneficiary of an IRA or other retirement account, The SECURE Act changed the Required Minimum Distribution (RMD) rules for inherited IRAs. Under the new rules, there had been uncertainty pertaining to inherited IRA RMDs not clearly spelled...
by KNSS | Jul 6, 2023 | 2023 July
From IRS News – IR-2023-112, June 8, 2023 WASHINGTON ― The Internal Revenue Service today encouraged nearly 1.5 million people across the nation to submit a tax return to claim their refunds for tax year 2019 by the July 17, 2023, deadline. The IRS estimates...
by KNSS | Jul 6, 2023 | 2023 July
Just a reminder that if your practice had a 401k/Profit Sharing Plan in place during 2022, you are required to file a Form 5500 by 7/31/23 (Form 5500 Corner | Internal Revenue Service (irs.gov). If you aren’t able to submit this paperwork prior to 7/31, please file...
by KNSS | Jun 15, 2023 | 2023 June
Watch out for a phone scam in which callers pose as agents or investigators for the US Drug Enforcement Administration (DEA) or the state Board of Registration in Medicine (BORIM). If you receive a suspicious call, don’t provide any personal info or agree to...
by KNSS | Jun 15, 2023 | 2023 June
It’s a rite of passage for teens to get their first summer job. Whether working in retail, hospitality, landscaping or another industry, make sure your child starts their employment off on the right foot using our tips below. Completing your child’s Form W-4...
by KNSS | Jun 15, 2023 | 2023 June
Most taxpayers will encounter a life-changing event at some point in their lifetime. Being proactive can result in significant long-term benefits, while avoiding the situation can result in missed opportunities. Included below are common life-changing events and...
by KNSS | Jun 15, 2023 | 2023 June
SECURE 2.0 Act, enacted at the end of 2022, revises retirement planning opportunities for taxpayers. Based on the 2019 Setting Every Community Up for Retirement Enhancement Act (SECURE Act), the law helps individuals better prepare for retirement and saving. The...
by KNSS | Jun 1, 2023 | 2023 June
If we set up for you to pay quarterly estimated taxes, please make your Q2 payment by June 15th. Generally, taxpayers who are self-employed, are shareholders in S-Corporations that typically pay out distributions in addition to the wages paid to the owners, partners...
by KNSS | Jun 1, 2023 | 2023 June
Beginning in 2024 excess funds held in a 529 college savings plan will be eligible to be rolled over to a Roth IRA for the beneficiary. For families who contributed to 529 college savings plans for their children and did not fully exhaust the accounts while paying...
