Back in late 2017 Congress passed the Tax Cuts & Jobs Act of 2017 (TCJA) that made enormous changes to income tax laws as outlined below. However, most of the provisions of TCJA were only temporary changes that will expire after 2025. During the Covid pandemic Congress made other tax law changes that will also […]

Embarking on a business transition is akin to navigating a major life event. Whether buying a business, merging with another entity, or passing the baton to new ownership, it’s a transformative journey that impacts every aspect of your professional and personal life. Though these steps hold significance in every transaction, the following are presented from […]

In its ongoing effort to combat questionable Employee Retention Credit (ERC) claims, the IRS has sent more than 20,000 letters advising taxpayers that the agency is disallowing their claims. This initial batch of letters is going to businesses that did not exist or did not have paid employees during the eligibility period (March 13, 2020, […]

As the bustle of December fades, January is a transitional month for many small business owners. This time of year generally calls for wrapping up any remaining loose ends from the previous year while diving headfirst into the new one. Readying your QuickBooks software for the upcoming year is one way to make sure you […]

In the ever-evolving landscape of business regulations, the Corporate Transparency Act (CTA), passed as part of the National Defense Authorization Act for Fiscal Year 2021, introduces new reporting requirements for businesses in the United States, specifically focusing on beneficial ownership. The CTA aims to combat illicit activities such as money laundering, tax fraud, and terrorism […]

Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service has announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023. Tax law, since 2011, has required third-party settlement organizations such as Venmo, PayPal, CashApp, and Ebay to report […]

In August 2021, Brook joined the KEB team. She currently serves as an Associate Wealth Advisor and her day to day responsibilities consist of aiding advisors, managing client portfolios, and contributing to advanced financial planning strategies. She spends most of her time covering topics such as retirement, estate planning, tax considerations, and risk management. Brook […]

Teresa Jack Teresa became part of KEB in December 2018, assuming the role of Administrative Assistant. Outside of her professional endeavors, Teresa cherishes moments with her daughter, Emily, who currently resides in Fenton, MO, alongside her husband, Dalton. An ardent enthusiast of Disney World, Teresa makes it a tradition to embark on annual Spring and […]

Gift and estate taxes are both part of the federal transfer tax system and are interconnected. Gift tax applies to transfers of wealth during a person’s lifetime. If a person gives another person a gift that exceeds the annual gift tax exclusion ($17,000 in 2023), the giver (also referred to as the donor) may have […]

As a business owner, understanding the value of your company is crucial for various scenarios, from transactions to tax reporting, financial reporting, and even potential litigation. In this comprehensive guide, we’ll address ten commonly asked questions about business valuations, providing you with the knowledge you need to navigate this important aspect of business ownership. Why […]