Articles - KBS

Get a Better Handle on Your Financial Situation with these 4 Tips for Construction Accounting

Written by Bill Keyser, CPA on February 7, 2023.

Standard accounting has rules and regulations for businesses in every industry. Some industries, like construction, need a more tailored system to understand their business’s financial picture. In addition to accounts receivable, accounts payable, and payroll, contractors must consider job costing, change orders, progress billings, and customer deposits. Construction accounting offers more in-depth options for tracking, […]

Will your tax bracket change in 2023?

Written by Tim Streeter, CPA on February 2, 2023.

The IRS has released the updated tax brackets, deductions, and credits for the 2023 tax year. While tax filing for this year won’t happen until early 2024, it’s important to pay attention to your tax rate. Strategizing now can help minimize your tax liability and maximize your income potential. Here are the updated numbers for […]

2023 Mileage Rates for Business Reimbursements

Written by Tim Streeter, CPA on January 11, 2023.

The IRS recently released the 2023 mileage rates for businesses to use as guidance when reimbursing workers for applicable miles driven within the year. The rates tend to increase yearly to account for rising fuel and vehicle and maintenance costs and insurance rate increases. Businesses can use the standard mileage rate to calculate the deductible […]

Secure Act 2.0 Updates Retirement Plans Starting in 2023

Written by Greg Sargent, CPA on January 5, 2023.

The new Secure Act 2.0 legislation expands upon the Secure Act of 2019 with updates to retirement savings plans across the country. Here’s what you need to know. Automatic Enrollment Requirements Plan sponsors of 401(k) and 403(b) plans will be required to automatically enroll eligible employees with a starting contribution of 3% of their salary […]

Beware the Five-Year Rule for Roth IRA Withdrawals

Written by Mark Mayer, CPA on December 19, 2022.

What makes Roth IRAs so appealing? Primarily, it’s the ability to withdraw money from them tax-free. But to enjoy this benefit, there are a few rules you must follow, including the widely misunderstood five-year rule. 3 types of withdrawals To understand the five-year rule, you first need to understand the three types of funds that […]