The Kernutt Stokes Advisor

How to Stay Safe with Business Email Compromise on the Rise

According to a report by the Financial Crimes Enforcement Network (FinCEN) released in July, financial institutions have incurred more than $9 billion in losses due to Business Email Compromise (BEC) schemes since 2016. With such staggering losses, businesses and even individuals can’t afford to ignore BEC attacks. What is BEC?  BEC fraud involves cyber thieves posing as company executives or…

What’s the Best Type of Business Entity for Tax Purposes

There are several major types of business entities, including S Corporations, C Corporations, Limited Liability Companies (LLCs) and self-employment. Each type of structure has its own advantages and disadvantages when it comes to taxes, assets and liability protection. Generally, certain types of businesses are best for certain professions from a tax perspective; however, in light of the tax law changes…

Qualified Charitable Distributions in the Wake of Tax Reform

Qualified charitable distributions (QCD) have been a key component of many tax strategies since they were first introduced in 2006. Up until the passage of the Tax Cuts and Jobs Act (TCJA), QCDs were employed by many taxpayers to simultaneously make charitable donations and meet the required minimum distributions of their individual retirement accounts. However, with the advent of the…

Kernutt Stokes Service Spotlight – Beverage Industry

Each type of beverage manufacturer is unique in their industry and faces their own set of challenges, whether in material acquisition, manufacturing and distribution, or food safety legislation. The Kernutt Stokes Beverage Industry team specializes in services to breweries, wineries, and other beverage industry manufacturers and understands the intricacies these businesses face each day. We work with our clients to…

Entertainment Expense vs. Business Meal Deduction

By Jennifer Cranford, CPA The 2017 Tax Reform Act, which was signed in to law on December 22, 2017, includes changes in the deductibility of entertainment expenses.  Entertainment costs are now 100% non-deductible.  Business meals, on the other hand, remain 50% deductible if certain criteria are met. Notice 2018-76 issued October 2018, clarifies the guidance for the treatment of expenses…

America: The Land of Opportunity!

By Erik Parrish America has long been termed “the land of opportunity.” The phrase dates back to the 16th century when immigrants came to the land to enjoy a fresh start, build a new future for their families, and partake in the abundance that the land had to offer. The immigrants took full advantage of the opportunity, both in positive…