Tips to Minimize the Kiddie Tax
If you’re considering transferring assets to your children or grandchildren, it’s important to understand the “kiddie tax” rules.
KWC specializes in providing tax, audit, accounting, business consulting services and client advisory services (including outsourced accounting, virtual CFO services, internal control analysis, accounting systems analysis and design) for businesses, individuals, estates, trusts, non-profit organizations, and employee benefit plans. Our diverse client base served includes industries such as professional service firms, government contractors, non-profits, real estate, construction and specialty contractors, and healthcare providers. KWC is the CPA firm clients trust in Alexandria, Arlington, Fairfax, Tysons Corner, Springfield, Arlington, the Richmond Metropolitan Area, Northern Virginia, Washington, D.C. and Maryland.
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Tips to Minimize the Kiddie Tax
The "kiddie tax" prevents parents from shifting income-producing assets to children to take advantage of their lower tax rate. It was introduced as part of the Tax Reform Act of 1986. Before this law, high-income parents and other family members could divert some...
KWC Welcomes Millikan CPAs to Our Richmond Office
KWC Certified Public Accountants (KWC) announced Millikan CPAs will be joining the firm’s Richmond, Virginia office. “We are excited to welcome Marian Millikan and her staff to our Richmond office,” said Connie Hammell, Managing Principal at KWC. “Their combined...
Reminder: Corporate Transparency Act Imposes New Beneficial Ownership Information Reporting Obligations
Starting in 2024, U.S. and foreign entities doing business in the U.S. may be required to disclose information regarding their beneficial owners to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This requirement is being implemented...