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IRS raises standard mileage rate to 62.5 cents per mile

Jun 10, 2022

The IRS has increased the optional standard mileage rate by 4 cents per mile, its first mid-year mileage rate adjustment in 11 years.

Adjusting to the new lease accounting standard

Apr 6, 2022

Businesses and nonprofit groups are gradually adjusting to requirements of the new lease accounting standard, such as bringing most leases onto the balance sheet. Since ASC 842 can seem confusing, here’s a quick guide to ease the adjustment period.

Six tips to help you prepare for your next audit

Feb 24, 2022

Being fully prepared and organized can help your financial statement audit go smoothly and ultimately save your business or organization time, money, and headaches.

Diversity starts in the boardroom and the C-suite

Dec 3, 2021

Diversity, equity, and inclusion are buzzwords in modern strategic management. Here are some of the benefits that initiatives in these areas bring to public and private companies and how companies can showcase their progress in footnote disclosures and separate diversity, equity, and inclusion reports.

Don’t delay year-end tax planning even while questions loom

Nov 23, 2021

Tax laws could change significantly in the coming weeks, but a few reliable year-end strategies should be at the top of your list as you look for ways to minimize your tax bill.

New infrastructure legislation includes notable tax changes

Nov 16, 2021

Congress has passed the Infrastructure Investment and Jobs Act after months of debate and negotiation. Find out what tax-related provisions have been built into the new law.

Tax law changes loom as part of proposed legislation

Oct 13, 2021

The outcome of two big pieces of legislation remains uncertain as negotiations continue in Congress. Here’s a look at the proposed bills and the potential tax law changes that could affect you or your business.

Changes are here for new lease accounting standard requirements

Oct 12, 2021

The new lease accounting standards changed in 2019 for public companies. Calendar-year private companies that follow U.S. Generally Accepted Accounting Principles must comply with the updated lease rules in 2022.

Analytical procedures are a critical part of the audit process

Oct 11, 2021

During the COVID-19 pandemic, many audit procedures have been performed remotely, forcing auditors to rely more heavily on analytical procedures. It’s important to understand how auditors use analytical procedures to make audits more efficient and effective.

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“KraftCPAs has the experience and specialized training to provide us with the high quality, professional audit and tax services we need. They are always current on any new IRS rulings and give sound advice for best practices. They conduct their work with integrity and are very responsive when we have questions or seek advice.”

Scott Perry, The Memorial Foundation

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