Resources

7 Ways to Maximize QuickBooks for Next Tax Season

With tax season behind us, we thought it would be helpful to share a few challenges that we encountered with our QuickBooks clients this year. These challenges added additional barriers and complications during tax season. By being proactive and taking action now, you can help make next tax season much easier to navigate.

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VIDEO: Cray Kaiser’s 2018 Tax Interns

Each year at Cray Kaiser our team gets to work with a talented group of interns that are eager to learn and grow their tax skills. With the 2017 tax season behind us, here’s what our 2018 interns had to say about their experience at CK.

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2017 Tax Reform Reflections

We believe the Tax Reform will bring a number of opportunities to reduce taxpayers’ overall tax burden. The key is being proactive, and for us, being up to speed on what we expect to be a number of regulations clarifying the new provisions.

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Individual Provisions in Tax Reform Part III

Probably the most discussed change in 2018 tax reform was the reduction in the state and local tax deduction. Starting in 2018, individuals may only deduct up to $10,000 ($5,000 for married filing separately individuals) of state and local taxes (including income taxes and real estate taxes). While these changes do not affect state and local taxes deductible in a trade or business, we expect that this provision will result in more taxpayers claiming the higher standard deduction.

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The ABCs of a Buy-Sell Agreement

Does your company know how it would handle a death, disability or departure of one of its owners? Whether you are part of a family business or not, buy-sell agreements are important to any company. But what makes it so important? A buy-sell agreement, also known as a business continuity contract, spells out how the assets and business interests would be distributed if an owner leaves the business, becomes disabled or passes away.

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Individual Provisions in Tax Reform Part II

One of the goals of the 2018 tax reform was simplification of the tax rules. Early on, you may have even heard about filing your future tax return on a postcard. While we are still far from taxes being that easy, the higher standard deductions will mean that less individuals will itemize their deductions.

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QuickBooks Connect: A Closer Look at QuickBooks Online

QuickBooks is the premier accounting software system for small business owners, and with good reason: it features robust reporting, an easy to use interface, customizable invoices, inventory tracking, ease of use when on the go, and more. In fact, recent upgrades have made QuickBooks even more impressive, adding additional flexibility and customization.

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Individual Provisions in Tax Reform Part I

As filing 1040’s is top of mind at this time of year, we thought we’d look at the changes that you will see on your 2018 tax return. One of the highlights of 2018 tax reform for individuals is a reduction in ordinary income tax rates. Here’s how the ordinary tax rates have been reduced (the below amounts are based on taxable income).

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Tax Reform Update: Additional Business Provisions

For tax years beginning after December 31, 2017, there is no longer a provision for net operating loss carrybacks (except for certain cases for farmers and insurance companies).  Instead, losses can be carried forward indefinitely to apply to future tax years. However, there is now a limitation – the losses can only offset up to 80% of the taxable income for any future year.

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Tax Reform Update: Enhanced Depreciation Provisions

Under prior law, businesses could deduct 50% of the cost of new qualified property immediately – regardless of whether the deduction created a loss or not. In a surprising twist, effective for assets acquired and placed in service after September 27, 2017 and before December 31, 2022, 100% of the cost of qualifying property can be immediately expensed.

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