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November 2023 Newsletter

November 2023 Newsletter

The KL team enjoyed a fun night out in appreciation of our staff’s efforts in 2023. Thank you to all of our clients for allowing us to serve you!
Two Estate Planning Strategies to Help Protect Wealth

Two Estate Planning Strategies to Help Protect Wealth

A goal of estate planning is to maximize the wealth that is passed on to one's heirs. In this video, we'll discuss how a Spousal Lifetime Access Trust and an Irrevocable Life Insurance Trust may help you minimize estate taxes and protect wealth.
October 2023 Newsletter

October 2023 Newsletter

KL is very pleased to announce that CityBusiness has once again recognized our firm as a “2023 Best Places to Work” – thanks to our fantastic team!!
IRS declares a moratorium on processing new employee retention credit claims

IRS declares a moratorium on processing new employee retention credit claims

IRS declares immediate moratorium on processing new claims for Employee Retention Credit due to concerns of scams and improper claims, urging businesses to seek advice from trusted tax professionals.
Inheriting an IRA, but not from your spouse? Here’s what you need to know.

Inheriting an IRA, but not from your spouse? Here’s what you need to know.

While inheriting an IRA can be a boon, it's crucial to understand the rules governing it to avoid unnecessary taxes or penalties. 
Strategic giving: comparing private foundations and donor-advised funds

Strategic giving: comparing private foundations and donor-advised funds

Discover the benefits of private foundations for managing charitable giving and how they differ from donor-advised funds. Gain greater control and flexibility over your philanthropic efforts while creating a lasting legacy of giving for future generations.
September 2023 Newsletter

September 2023 Newsletter

With the September 15th deadline behind us, we would like to share a reminder that individual, gift taxes and C Corporation tax returns that were extended in April are now due on October 16th. Please send in any necessary remaining information as soon as possible to ensure we can complete your returns timely.
Why the Cost of Customer Acquisition Is So Important

Why the Cost of Customer Acquisition Is So Important

For any business, understanding and effectively managing the cost of customer acquisition is crucial for success. In this video, we'll explain what it is, how it's calculated, and how it affects a business's profitability, cash flow, and overall growth.
IRS announces transition relief for RMDs following the SECURE 2.0 Act

IRS announces transition relief for RMDs following the SECURE 2.0 Act

Discover how the IRS is providing much-needed relief for Required Minimum Distributions (RMDs) in light of the SECURE 2.0 Act. Learn about the new transition rules that could potentially benefit retirees and their tax planning strategies.
Determining Reasonable Compensation for S-Corp Owners

Determining Reasonable Compensation for S-Corp Owners

As an owner of an S-Corp, understanding the concept of reasonable compensation is crucial for tax planning and compliance. Learn about the IRS's reasonable compensation rules for determining how much should be taken in the form of wages versus pass-through income.
Tax traps to beware of with life insurance planning

Tax traps to beware of with life insurance planning

In this episode of the PFP Section podcast, David Kushner, CPA, interviews expert Lee Slavutin, MD, CLU to uncover the three situations in which life insurance premiums are tax deductible and pose little risk of being challenged, helping professionals navigate potential tax traps.
August 2023 Newsletter

August 2023 Newsletter

We are pleased to announce that KL has recently received the following recognition - thank you to our clients & team!!
Hiring Your Child Can Help You Save Big in Taxes

Hiring Your Child Can Help You Save Big in Taxes

Hiring your child for your business can lead to significant tax savings by shifting income, reducing taxes, and reducing FICA and FUTA obligations. However, it's crucial to follow employment laws and withhold appropriate taxes. Learn more about the benefits and rules for hiring your child.
Financial red flags: a guide for nonprofit board members and directors 

Financial red flags: a guide for nonprofit board members and directors 

Protect your nonprofit organization from financial crises with these expert tips for board members and directors. Discover the warning signs of financial mismanagement and how to prevent them.
Understanding the SALT deduction and PTE tax elections

Understanding the SALT deduction and PTE tax elections

The SALT deduction has been a longstanding benefit for taxpayers who pay state and local taxes. However, recent limitations to the SALT deduction have left taxpayers in high-tax states looking for alternatives. One such option is the PTE tax election, which allows pass-through entities to pay and deduct state and local taxes on behalf of their owners. 
How Top CEOs Found Success Through Immersion

How Top CEOs Found Success Through Immersion

Discover how CEOs of Airbnb, Starbucks, and Uber immersed themselves in their own businesses as customers and frontline employees, gaining valuable insights that transformed their companies. Learn how their firsthand experiences led to innovative improvements and a better understanding of their customers' needs.