The Thomson Reuters Synergy User Conference for tax & accounting firms is underway at the Gaylord National Resort & Convention Center in Washington, DC from Nov 09, 2022, and is on until the end of this week. GKM has been a proud sponsor-exhibitor at the Synergy Conferences for over 3 years now, and the rich […]
Author: gkm@admin
What you need to know about the Federal Gift Tax
Federal Gift Tax What is the gift tax? It is a federal tax on assets given away during the lifetime of a donor. The estate tax is a tax on assets transferred to heirs after the passing away of the owners. The annual gift tax exclusion enables gifting any number of people up to $15,000 […]
Tax Credits for Going Green
Tax Credits for Going Green Going green does great good to your lifestyle. It has a positive effect on your taxes too. Here are some federal tax credits that ease your tax burden as well as help the environment: In order to qualify for a credit, the vehicle or equipment must meet certain energy-related requirements […]
Employer Tax Credits
Employer Tax Credits As businesses reel from the impact of COVID 19, both employers and employees face a crunch. The federal government, therefore, has provided some additional employer tax credits to ensure that employers are encouraged to keep employees on payroll via these credits. To this end, two different credits have been announced viz. the […]
Data Security for Outsourced Accounting Teams
For a business to run seamlessly in these challenging times, connectivity from anywhere anytime is a major requirement. Digital technology is transforming how businesses function, collaborate, compete, and engage with their customers. Technology brings opportunities for growth. However, adopting new technology also creates more challenges to provide data security. With the increased usage of the […]
“Nexus” Implications In The Work from Home Scenario
COVID 19 has turned the whole world around on its head. Requirements of social distancing, sanitization, and crowd minimization have led to a lot of companies continuing to practice work from home policies, even though businesses are opening up. Google in fact has announced that its work from home policy is likely to continue till […]
The Dirty Dozen
Every year the IRS lists out the most aggressive scams of the year under its “Dirty Dozen” list. This list highlights various phishing and other scams that taxpayers might encounter. The current IRS list includes the following scams: Phishing: At the top fo the list is Phishing – fake e-mails/websites that try to steal personal […]
Delayed Payment of Employer Taxes
On Aug 8, 2020, President Trump signed a memorandum directing the Treasury to provide specific relief with reference to the social security withholding. For the purposes of the notice, all employers required to withhold and pay social security withholding are affected by COVID 19 and would be considered “Affected Taxpayers”. For affected taxpayers, the withholding […]
More on the TCJA & Gift and Estate Tax
The Tax Cuts & Jobs Act of December 2017 doubled the lifetime exclusions under the Gift and Estate tax to $11.4 Million (adjusted for inflation) in 2019. An individual’s estate comprises of the total net value of his assets. According to Gift Tax rules, the first $11.40 Million would be free (For 2019 – this […]
Definition of US Person for Tax Purposes
The US Government imposes income tax on all US persons regardless of whether they have earned their income working in the United States or a foreign country. In this context, especially for persons with international tax commitments, it becomes imperative to understand the exact definition of a ‘US Person’ by the IRS and its implications. […]
