News

On March 20th, the Internal Revenue Service (IRS) issued a press release warning taxpayers about the 2023 dirty dozen tax scams one of which is related to Employee Retention Credits (ERCs). According to the IRS, aggressive promoters are making offers that are too good to be true, luring taxpayers into fraudulent schemes to claim these credits.

CKH Group will be attending the Shared Services and Outsourcing Week (SSOW). It is the largest event in the world for shared services, global business services, outsourcing and intelligent automation leaders to come together as a community.

Outsourced accounting refers to the practice of hiring an external firm, like CKH Group, to handle a company’s financial and accounting operations. This practice has become increasingly popular in recent years as businesses seek to reduce costs, increase efficiency, and focus on their core operations. In this article, we discuss the benefits of outsourcing your accounting and finance functions.

We are often asked if filing an extension will somehow draw additional scrutiny to a tax return or diminish the taxpayers standing in the eyes of the IRS. The answer is an emphatic “no!” In fact, there are several reasons to file an extension even if you intend to file by the original filing deadline.

It is important to note that charitable contributions can only impact your tax bill if you choose to itemize your return. However, if you are doing so, this is a comprehensive guide to utilizing the Charitable Contributions tax deduction.

The Biden administration is furthering the pause on federal student loan payments, a program that began in March 2020 to help people who were struggling financially due to the impacts of Covid-19 pandemic.

Only months ago, FTX, short for “Futures Exchange”, cryptocurrency was seemingly a huge success. Being valued at an estimated $32 billion in January and garnering massive support from celebrities. The platform was one of the biggest crypto trading exchanges and was recognized by the community as one of the more transparent crypto operations.

The IRS recently announced their annual inflation adjustments to the 2023 federal income tax brackets. Here is a reminder of the 2022 tax year brackets and the new numbers for the 2023 tax year

With 2023 just around the corner, it is time to start thinking about the important tax dates coming up in the new year. Here are some of the important dates to remember

Small Businesses can have tricky tax returns. Here are 10 helpful tax tips for small businesses.

Here are some financial and tax tips to keep your summer cool! This guide provides 5 simple tax tips to help you.

Tax Terminology can be hard to understand, but this guide will help you to learn what some of these tax terms mean.

The IRS now considers cryptocurrency to be property, and participating in crypto activities needs to be reported! Here is a guide to help you.

Post-graduation life can feel freeing and blissful; however, it is good to get a head start on taking control of your finances. From new jobs to new cities, apartments, and expenses one thing you should not be stressing about is keeping up with your taxes. By taking advantage of these tax credits and tips, you should be starting off on a strong foot.

All of the IRS’s tax forms can be confusing. This small guide will help you understand some of the most used tax forms and what they are for.

The deadline to file a tax return is just around the corner. Worried about missing it? You still have time to file for an extension until Monday, April 18th. But if you wait any later, depending on your situation, it could mean you need to quickly take action to avoid owing anything more to the IRS.

Tax deadlines seem to have a way of sneaking up on you, so filing for a tax extension might be something you need to do. If you need more time to prepare your return—whether you are busy with school, travel, a personal emergency, or are simply unprepared—you can request a six-month filing extension by submitting the proper form to the Internal Revenue Service. Here is what you need to know:

With tax season now in motion, it is smart to start planning for the April 15th deadline if you have not done so yet. This tax preparation guide is here to help you get prepared!

CKH Group is standing with the members of our team, and their families, in our Ukraine office. We are keeping those impacted close to our hearts and in our minds. During this impactful time, we would like to provide the members of our CKH Group teams with appropriate resources to help the situation in Ukraine. If you are looking to donate to those in dire need here is a list of places that need your help in many ways.

Non-refundable Tax Credits are basically tax credits that can only reduce a taxpayer’s liability. Any remaining amount from the credit is automatically forfeited by the taxpayer. These credits are also referred to as a “wasteable” tax credit, unlike refundable tax credits.

A refundable tax credit can be applied to your tax bill and in some cases can generate a negative federal tax liability, meaning that your refundable tax credit can create a federal tax refund. For example, if you owed $1,000 in taxes and qualify for a $1,200 refundable credit, you would receive a $200 refund.

There is often confusion about the difference between federal tax levies & liens. If you aren’t a tax expert yourself, these terms can feel like they are in a different language. The terms “levy” and “lien” are not interchangeable, but they are closely linked. This article will break down everything you need to know about these important IRS penalties.

On November 10th, 2021 the IRS announced their annual inflation adjustments to the 2022 federal income tax brackets. These adjustments impact more than 60 tax provisions. Here are the new numbers.

With 2022 just around the corner, it is time to start thinking about the important tax dates for 2022 coming up in the new year. Here are some of the important dates to remember.

Tax deductions can help you save money— but only if you know what they are, how they work, and how to claim them. Here is a little guide to help you out. 

In an attempt to prevent severe blackouts, Eskom, South Africa’s largest electric utility company, has initiated its process of “load shedding”. The idea of load shedding may be a confusing concept for some, but for the members of our South Africa office, this has become a regular occurrence in their daily lives. It is important to understand this process and how it affects South African citizens.

The Child and Dependent Care Credit is a helpful refundable tax credit that assists families in paying for childcare. The credit specifically offers relief to parents who pay for the care of a qualifying child while they work or search for work. The amount of eligible expenses that qualify for the credit varies depending on a taxpayer’s income level.

Engaging with companies like this could be a risky choice, if you owe taxes, but are unable to pay the IRS in full, there are a few legitimate IRS tax relief programs to help, through the agency’s Fresh Start initiative.

Claiming a tax dependent allows you to claim certain tax deductions and credits, and we will explain how to do so.

On September 9th, 2021, President Biden ordered the Labor Department, also known as OSHA, to issue mandatory vaccine mandates for companies with 100+ employees.

The Employee Retention Credit (ERC) was put into place in March of 2020 under the CARES act as a temporary response to the impacts of the Coronavirus. This refundable tax credit was originally set to help companies keep employees on payroll.

The CKH Group, originally CKH CPA’s and Advisors, announced that, as of May 2021, it has officially rebranded to CKH Group. CKH Group now encapsulates all the activities of CKH CPA’S and Advisors, LLC and CKH Consulting, LLC.

What do the new advance child tax credit payments mean? Here is everything you need to know about what is changing, who is eligible, and how to receive the payments.

CKH Group announced that its members have appointed Nico Meyer, CPA as the new Chief Executive Officer.

Revenue Service has finally responded to a large number of complaints regarding incorrect unpaid tax notices. As a result, the mailing of three types of nonpayment notices have been suspended.

As CKH continues to expand our practice and attract top talent, we recently brought on board a new Tax Principle, John Goss.

As the tax season comes to a close, many look for ways to diversify their assets and plan their estate. A trust, or trust fund, is an estate planning tool that forms a legal entity to hold property or assets for a person or organization that is managed by a trustee.

There are many changes following a college graduation. Moving away, finding a new job, the perfect apartment/house, etc. But you shouldn’t have to worry about your taxes.

As businesses are starting to return to normal, many questions arise in regards to health, safety, and sanitation in the workplace.

COVID-19 has proven to affect not only people’s health, but also current employment opportunities for many. The federal/state governments have recently implemented the Pandemic Unemployment Assistance (PUA) program to assist.