FAMILY-OWNED BUSINESSES

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Timely Tax & Accounting Newsletter

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Why related-party arrangements matter

Sep 22, 2023

Identifying related parties is just one of many parts that go into preparing financial statements. Here’s why they matter, why auditors give them scrutiny, and how to avoid the risks that often accompany them.

Men shake hands to complete deal.

Planning an exit strategy for your business

Sep 12, 2023

At some point as a business owner, you might entertain the idea of selling and moving on to a new endeavor. The process of selling a business can be tedious, but having a plan in place and knowing the tax implications of a business sale can help reduce the stress and, potentially, the tax implications.

Watch out for employee retention tax credit frauds

Aug 16, 2023

Scammers are hyping quick, easy money from the employee retention tax credit, but despite what you might hear in the slick advertisements, the IRS has a warning for employers.

Proposed federal budget includes noteworthy tax changes

Mar 15, 2023

President Biden’s 2024 budget proposal includes a variety of changes that could impact taxes for individuals and businesses.

Buying a business vehicle? A heavy SUV is a tax-smart option

Buying a business vehicle? A heavy SUV is a tax-smart option

Feb 24, 2023

Purchasing a heavy SUV could provide a more generous tax break than a smaller vehicle for business owners.

How much does your company disclose about COGS?

How much does your business disclose about COGS?

Jan 17, 2023

The cost of goods sold can account for 70% of a company’s expenses, according to recent discussions by the FASB’s Investor Advisory Committee. However, some companies skimp on details around the costs they incur to produce goods. The FASB’s disaggregation of income statement project could change that.

R&D credit can have big impact for small businesses

Jan 16, 2023

Every business can be an innovator. The research tax credit is a way to reward that innovation, and it comes with an intriguing feature related to payroll taxes.

Five critical areas in financial reporting today

Dec 18, 2022

The Securities and Exchange Commission advises business owners to keep five key areas in mind when preparing 2022 financial statements.

Accuracy matters in inventory management

Dec 8, 2022

Depending on the nature of your company’s operations, your balance sheet may include inventory totals. Here’s why your inventory system might be flawed and giving you the wrong numbers.

“KraftCPAs has taken care of the Zeitlin family business for three generations. We all sleep better at night knowing that KraftCPAs is looking out for our best interest.”

Shirley Zeitlin, Zeitlin Sotheby’s International Realty®

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