Kingsley CPA LLC

Although we love them like our children, pets do not qualify as dependents no matter how you dress them up. To learn more about who qualifies as a dependent, check out: www.irs.gov/pub929

IRS finalizes 100% bonus depreciation rules The Internal Revenue Service and the Treasury Department issued the last set of final regulations to implement the 100 percent additional first-year depreciation deduction from the Tax Cuts and Jobs Act.

3 tips to free up working capital and optimize payables Although many factors lead to payment inefficiencies, businesses can take steps to better manage their working capital performance and efficiency.

AICPA requests guidance on payroll tax deferral The AICPA has asked Treasury and the IRS for guidance on the recently announced executive order that defers some employee payroll taxes that would be due between Sept. 1 and Dec. 31.

A tax season for the record books Tax pros share lessons from this July 15 — and for next year.

Lawmakers urge IRS to fix stimulus payment problems Over a hundred members of Congress are asking the service to resolve a number of issues preventing the remaining Economic Impact Payments from going out.

Tax filing deadlines in the time of coronavirus The extension also applies to Americans living abroad who would otherwise generally have had a filing deadline of June 15.

GASB proposes guidance for CARES Act and coronavirus The Governmental Accounting Standards Board released a proposed technical bulletin Thursday from its staff with application guidance on the CARES Act and outflows incurred by state and local governments in response to the COVID-19 pandemic.

IRS interest rates to fall in third quarter Rates for overpayments will drop to 3 percent.

Small businesses showed some signs of recovery in May, says Paychex Employment growth at small businesses improved slightly in May, up 0.25 percent, as stay-at-home orders eased in most states, but that was only after reaching historic lows in April, according to payroll giant Paychex.