Diane Kennedy, CPA

10/25/2025

02/19/2025

BOI filing requirements are back on. Dept of Treasury is giving a 30 day delay. More info to come.

A court ruling means that millions of small businesses need to be prepared to file beneficial ownership information reports.

01/24/2025

If you're a business owner who just got news SCOTUS overturned the stay against BOI reporting, make sure you get the WHOLE story. There were two stays. Only one was overturned. Even FinCen (the govt agency requiring the BOI reporting) says that it's not required.

See Diane Kennedy's US Tax Group for more info.

12/27/2024

Tax and accounting clients were surprised by this message today at Bench. Bench was a cheaper accounting software that offered tax services.

As of this date (12/27/2024), you cannot access your data. They state that it will be available on 12/30/2024 until the beginning of March 2025.

12/16/2024

I will be using this page on Facebook. My personal profile kept getting taken down and someone is using my photo for another similar profile.

Facebook refuses to do anything about either problem so I am only posting through this page.

For tax questions and information, please join Diane Kennedy's US Tax Group.

12/15/2024

For tax updates and strategies, please join Diane Kennedy's US Tax Group

I don't respond to messages here.

11/15/2024

Rent your home for up to 14 days and pay no tax. That’s the Augusta Rule. Here’s how to use that rule if you have a home office. Make sure you read the one part of the rule that might trip you up.

You may have heard about the Augusta Rule. It gets popular on social media every few months. Here’s how it works. The Augusta Rule allows a home owner to rent their house for 14 days or less a year and not pay tax. In fact, you don’t have to even report it. The business owner

11/14/2024

If your modified adjusted gross income is over the threshold ($250K for married filing jointly or $200K if single), you have to pay an additional 3.8% Net Investment Income Tax (NIIT) aka Medicare Surtax on passive income. There is a loophole! If you qualified as a real estate professional, you don’t have to pay this tax. Learn more here.

This is a question that I received regarding the NIIT (net investment income tax) of 3.8% that is charged on passive income if your modified adjusted gross income (MAGI) is over a certain threshold. It’s also called a Medicare Surtax, although technically, that’s not the official name. It’s be...

11/13/2024

Now is the time to think about year-end tax strategies! Here are some paperwork tasks you may need to do so you can pay less tax when you file.

We’re focusing on year-end tax strategies in October and November of 2024. The strategies only work if you actually put them in place. Here are some of the details that you may need to look at before year-end if you want to take advantage of the tax breaks. Start your business. Put your real estat...

11/13/2024

If you have a business, make sure you pay your minor children for work they legitimately do in the business. Even better, pay them from a Sole Proprietorship.

One of the tax strategies I talk about frequently with clients is paying their kids for work they legitimately for their business. This moves income from your higher tax bracket and moves it to their zero or low tax bracket. Plus, they can get tax-free benefits, including the cost for some college c...

04/09/2024

One more return to do! I'm making today the drop dead date for the rest of the info needed. If I don't get it today, I'm filing an extension.

I have 9 books very roughly outlined. No way I'll get those done before the next round of tax season starts in August, but I can get a start on it. And the garden is beckoning me.

Buddy desperately needs some training, too. We'll start that this week. He hates to do anything wrong, so we have to be very gentle with him.