by KWC CPAs | Dec 6, 2024 | Accounting
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...
by KWC CPAs | Nov 1, 2024 | Accounting
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...
by KWC CPAs | Sep 23, 2024 | Accounting
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...
by KWC CPAs | Aug 30, 2024 | Accounting
In recent years, the residential real estate markets in many areas have surged. That means there are more seniors with highly appreciated homes than ever before. If you’re facing this situation, you might be rightfully concerned about the potential tax hit on...
by KWC CPAs | Aug 16, 2024 | Accounting
Under tax law, medical expenses can be deducted as an itemized deduction on your federal income tax return only to the extent that they exceed 7.5% of adjusted gross income (AGI). But it can be difficult to actually claim a deduction for many people because of the...
by KWC CPAs | Aug 8, 2024 | Accounting
The IRS has just released final regulations on required minimum distributions (RMDs) from qualified plans and traditional IRAs. The much-anticipated final regs provide guidance on tax law changes made by the Setting Every Community Up for Retirement Enhancement...
