Author: Rick Kouns

One of the ways the government supports small business owners is by granting them the freedom to choose how their income will be taxed. Small business corporations or limited liability companies (LLC) can do this by filing the Internal Revenue Service (IRS) Form 2553 to be treated and taxed as an S Corporation (S Corp).  … Continue reading Form 2553: Small Business Election to be an S Corp 

The role of Certified Registered Nurse Anesthetist (CRNA) in the medical health care is crucial and indispensable. They provide the public with access to safe and cost-effective anesthesia services and high-quality healthcare and comfort to patients.  This CRNA week, we would like to honor their dedication and passion to serve by helping them maximize their… Continue reading Tax Deductions Every CRNA Should Know 

Tax can be an intimidating topic to most people because of its complex nature, given the ever-changing tax laws to remember, different rules and methods that are available when figuring taxes, and not to mention the risk of incurring penalties and interest in case of noncompliance or late payments.   This is notably true for those… Continue reading 2024 Estimated Taxes: A Guide to a Stress-Free Tax Season 

Starting January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) began accepting Beneficial Ownership Information (BOI) from reporting companies.   BOI is defined by FinCEN as identifying information about the individuals who directly or indirectly own or control a company.   This new reporting requirement is part of the government’s effort to safeguard the financial system, promote… Continue reading BOI Reporting Requirements: What You Need to Know 

Many of us are taking care of our aging parents or loved ones that are facing disabilities, making sure that they are comfortable and healthy as they can be.  And it is a great relief to know that there is an available tax credit tailored for the elderly or disabled individuals that can provide financial… Continue reading A Guide to Tax Credit for the Elderly or Disabled 

During this time of the year, a lot of us take a moment to look back on the challenges, achievements, and lessons that the past twelve months have brought us. Reflecting on our experiences can give valuable insights for us to be wiser and prepare for the new challenges to come.  The end of the… Continue reading The IRS Get Ready Manual for Tax Season 2024 

The new year is almost upon us with only just a couple days before we greet and welcome 2024. And like a yearly tradition, the Internal Revenue Service adjusts the rates or basis of several tax provisions to ease the effect of inflation.  It is important for taxpayers, especially the self-employed and small business owners,… Continue reading Quick Look: 2024 IRS Tax Provision Updates 

Since Oct 1, 2023, the Internal Revenue Service (IRS) increased the interest on tax underpayments to 8%, parading a consistent surge since 2021 with only 3% penalty rate before rising to 6% in 2022.   And just recently, the IRS announced that the 8% underpayment penalty rate will be kept until the first quarter of 2024. … Continue reading Caution: Huge Underpayment Penalty Alert! 

Tis the season of giving and sharing! But did you know that giving gifts during your lifetime may subject you to a federal tax? But don’t be discouraged to give because it would take millions worth of gifts before the Internal Revenue Service (IRS) will go running after you for taxes.  Although you may not… Continue reading Gifts: Limits and Taxes 

Last November 21, the Internal Revenue Service (IRS) announced another delay in the implementation of the $600 reporting threshold for Form 1099-K.   According to IRS Commissioner Danny Werfel, this year’s delay was in response to the feedback received from taxpayers, tax professionals, and payment processors, making it clear to them that they need more time… Continue reading IRS Delays (Again) the New Reporting Threshold for Form 1099-K