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A generous gift and estate tax exemption means only a small percentage of families are currently subject to federal estate taxes. But it’s important to consider state estate taxes as well. Although many states tie their exemption amounts to the federal exemption, several states have exemptions that are significantly lower — in some cases $1 million or less.

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

Please join us for a FREE webinar from Kemper Technology Consulting as we teach you how you can protect your small business when using remote collaboration software.

Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv. It reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14 trillion worth of transactions already this year. If you’re considering buying or selling a business — or you’re in the process of an M&A transaction — it’s important that both parties report it to the IRS and state agencies in the same way.

If you’ve been to a restaurant lately, you might have noticed that the establishment was short-staffed. The current labor shortage is most visible in the food and beverage industry but, as you may be keenly aware, it’s affecting employers of all kinds. In fact, the U.S. Bureau of Labor Statistics reported in early September that the number of job openings had increased to a “series high” of 10.9 million on the last business day of July 2021.

The partners and staff at Kemper CPA Group LLP are pleased to announce a merger with Spinardi & Jones Accountancy Corporation, effective October 1, 2021. Spinardi & Jones has been serving Merced and Mariposa Counties since 1942, and the merger strengthens Kemper CPA Group’s presence in the area. The office will be located at 478 E. Yosemite Avenue, Suite A in Merced.

Your estate plan may include a power of attorney for property that appoints another person to manage your investments, pay your bills, file your tax returns and otherwise handle your property if you’re unable to do so. But not all powers of attorney are created equal. Thus, it’s a good idea to periodically review your power of attorney with your advisor to ensure that it continues to serve its intended purpose. Questions to consider can include:

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle.

With most tax planning, there are certain strategies that are generally effective and shouldn’t be ignored. The same holds true for estate planning. Here are three essential estate planning strategies to consider that may help you achieve your goals.

Taxpayers who engage in businesses to make a profit can generally deduct related expenses on their tax returns. In one case, a retired taxpayer pursued new ventures including acting. She devoted 35-45 hours weekly to acting, sought help from professionals and operated in a businesslike manner. The IRS denied her deductions...

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do.

Forensic accountants have long used technological tools to uncover fraud schemes. But recent advances in “big data” have provided even better, more efficient techniques for identifying suspicious activities and dishonest employees. These are three common types of data analytics used by fraud experts: