by KLPCPA | Feb 28, 2018 | Taxes
If you’re planning on buying a home that you one day wish to pass on to your adult children, a joint purchase can reduce estate tax liability, provided the children have sufficient funds to finance their portion of the purchase. With the gift and estate tax exemption...
by KLPCPA | Jan 8, 2018 | Taxes
Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting from the new law. Owners...
by KLPCPA | Dec 27, 2017 | Taxes
The recently passed tax reform bill, commonly referred to as the Tax Cuts and Jobs Act (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a major impact on businesses. Here’s a look at some of the...
by KLPCPA | Dec 27, 2017 | Taxes
One way to reduce your 2017 tax bill is to buy a business vehicle before year end. But don’t make a purchase without first looking at what your 2017 deduction would be and whether tax reform legislation could affect the tax benefit of a 2017 vs. 2018 purchase. Your...
by KLPCPA | Oct 3, 2014 | IRS, Taxes
Indianapolis businesses and individuals who are behind in paying their taxes can expect to see increased Internal Revenue Service (IRS) collection efforts and the resulting communications. Over the last 7 years, the government has made a huge strides in the...
by KLPCPA | Sep 26, 2014 | IRS, Taxes
Indianapolis businesses and individuals have experienced a huge increase in Internal Revenue Services collections actions. Many factors play into the major shift in this activity but, the main drivers are out of control budget deficits and improved data analysis on...
