The Kernutt Stokes Advisor

Stock Market: Post-Thanksgiving News Cheers Markets

As November drew to an end, market indices approached record levels buoyed by strong economic data and reassured by the testimony delivered to the Senate Banking Committee by Federal Reserve Chairman nominee Jerome Powell. The Conference Board’s consumer confidence index for November 2017 hit the highest point recorded in almost 17 years. Economists had predicted an increase to 124, but…

The Most Wonderful Time of the Year – Tax Planning Season

Now is the time to focus on year-end tax planning. Careful and strategic planning can help minimize your tax bill and maximize what you keep. Given the uncertainty and sweeping scope of proposed tax law changes, planning is both more complex and more important than ever this year. Below, we discuss five year-end tax planning strategies you can use to…

Retirement Savings Plan To Be Mandated For All Oregon Employers

By Dean Huber, Partner More than 1 million Oregon workers do not have access to an employer sponsored retirement savings plan at work.  The Oregon Legislature considered this a retirement savings crisis and passed a bill in 2015 to remedy the situation.  They created OregonSaves, a state sponsored retirement savings program for private sector employees.  The Oregon Retirement Savings Board…

International Tax Spotlight

By Kevin Bell, Partner The United States (U.S.) has long been a safe haven for foreign investors. The U.S. has seen a dramatic increase in foreign investment because of good investment opportunities, better educational and economic opportunities, and long-standing political stability. Foreign investors should understand that U.S. tax laws are complex and must be dealt with in a highly professional…

Partnership Audit Changes

By Matthew Diment, Senior Manager Long have partnership audits been a thorn in the IRS’ side.  Partnerships can have multi-tiered complex ownership structures that can make the final taxpayer difficult to find.  Because of this, the audit rate for large partnerships is less than 1%, as compared to over 27% for large corporations.  To address this, proposed regulations were issued…

Reporting Reminder for Greater Than 2% S Corp Shareholder

There are additional Form W-2 reporting requirements for a greater than 2% shareholder of an S corporation (shareholder) if their health care plan costs are paid by the S corporation. This also includes immediate family members of greater than 2% shareholders of an S corporation. Amounts paid for health, vision, and/or dental insurance plans must be included on the shareholder’s…