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Business Travel Expenses: Per Diem vs Actual Expenses
If your employees travel for work purposes, it’s important to understand the various methods of tracking and substantiating travel expenses so ...
Employment agreements are under fire: here’s what employers need to know
Employers must protect their interests when employees leave or join their company, but the use of non-compete agreements and similar contracts ...
Navigating trust taxation: strategies and insights
Trusts are an essential tool for estate planning, but their tax implications can be confusing. Understand the differences between revocable and ...
Deductible medical expenses: IRS guidance on nutrition, wellness, and health expense claims
Confused about which nutrition, wellness, and general health expenses may be considered medical expenses? The IRS has published a series of FAQs ...
IRS Dirty Dozen Top Tax Scams To Avoid
Each year, the Internal Revenue Service publishes its annual Dirty Dozen list of tax scams highlighting various schemes that put taxpayers and ...
April 2023 Newsletter
We sincerely appreciates the opportunity to serve our clients during this tax and audit season.
Options when you are unable to pay your tax bill
Tax season is upon us again, and this time of year can be stressful for many taxpayers. Not only do you have to gather all your financial ...
How to measure and manage your company’s working capital
Effective working capital management can make all the difference between success and failure in the business world. Learn how to measure and ...
R&E Expense Amortization Got You Down?
Now that Research & Experimentation expenses must be amortized over several years, many companies are looking for ways to increase deductions ...
Understanding Sole Proprietorships, Single-Member LLCs, and the Schedule C
If you earn income as a freelancer, independent contractor, or from a side gig, you'll likely do so as a sole proprietor or single-member LLC ...
March 2023 Newsletter
The KL team has been working very hard this busy season & recently enjoyed some treats!
Why adding children to your bank account or home deed could be a bad idea
Adding your kids to your bank account or home deed can create a host of legal, financial, and tax issues that can leave you and your loved ones ...
Business Interest Expense: How much can you deduct?
The tax treatment of business interest expense is governed by Section 163(j) which places limits on the amount of interest businesses can deduct ...
The IRS updates its defintion of digital assets for tax purposes
The Internal Revenue Service (IRS) has slightly changed the wording of the tax forms for the 2022 tax year regarding the declaration of ...
Properly Funding Your Living Trust
Failing to properly fund a living trust is one of the most common errors people make and can lead to unintended consequences and added costs for ...
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