New FinCEN Reporting Obligation starting January 1, 2024

In 2021, Congress passed the Corporate Transparency Act (CTA). This act represents a significant change in the regulatory landscape for ALMOST ALL entities doing business in the United States. The primary goal of the CTA is to enhance corporate transparency and combat financial crimes such as money laundering and the financing of terrorism...


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What’s Happening in the Firm

After a long career and many years of dedicated service to his clients and our firm, it is with mixed feelings that KVLSM announces the retirement of Eliot Lebenhart, effective January 1, 2024.

We wish him well in all future undertakings in his retirement.





Healthy Money Habits

Your relationship with money may have its roots in your childhood. How your family handled their finances can affect your attitude toward spending and saving as an adult. Make sure you’re practicing good money habits like the ones below...


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Stay On The Comfortable Retirement Track

There’s no better time than the beginning of a new year to review your retirement plan and, if possible, increase your contribution to the maximum allowed, if possible...


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The IRS Enforcement Spotlight May Be On You

Following a top-to-bottom review of enforcement efforts, the IRS has launched a sweeping, historic effort to "restore fairness in tax compliance" by focusing more on high-income earners, partnerships, and corporations. Under the auspices of a newly created unit in the business division, the IRS will leverage Inflation Reduction Act funding to enforce compliance. These efforts are consistent with a broader commitment to use that funding to end the era of misbalancing in audit selection...


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Don't Forfeit Your Solo 401(k)

A solo 401(k) plan is an excellent way for sole proprietors to pack away retirement funds. In 2024, you can contribute up to $23,000 ($30,500 if you’re 50 or older) in pre-tax dollars. As the employer, you can also make matching contributions to your account...


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Tips for a Smooth Tax Season

With tax season officially underway, here are tips to make filing your return as stress-free as possible...


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Ideas to Help Set Financial Goals

With the new year underway, it may be time to come up with a list of goals and that could make 2024 the most financially rewarding year for your entire family. Your motivation can be nearly anything, from saving for retirement or paying for college. Consider these resolutions that can also provide a financial boost...


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  • Income Tax Preparation for all types of businesses and individuals
  • IRS, State and Local Audit Representation
  • Trust, Estate and Gift Compliance
  • QuickBooks setup, support and training
  • Business startup services
  • Monthly bookkeeping
  • Financial statements
  • Family Office
  • Nonprofit Administration







JANUARY 2024 Q & A

Q: We're planning our summer vacation. Do you have any tips on getting a good deal on a vacation rental?

A: Consider lowering the cost of renting an apartment, condo, or home for your vacation by:

  • Cutting out the middleman markup by renting directly from the property owner using online sites such as Airbnb and VRBO.
  • Booking closer to your vacation time if you're willing to chance not getting your first choice. According to Airbnb, you'll generally find the best price four weeks before your vacation.
  • By looking at properties outside tourist hot spots, you may find comparable places that are much less expensive.


Safety Deposit Boxes

With digital records, safe deposit boxes are so 20th Century. Right? Not necessarily. You may have situations in which you’ll be asked to produce original documents (including those with raised seals). Not to mention valuables that can’t be digitized. Items to keep in your box:

  • Social Security cards
  • Birth, marriage, divorce, and death certificates
  • Paper stock and bond certificates
  • Collectibles and not-often used jewelry (make sure they’re insured, as neither the FDIC nor banks insure box items)
  • Insurance home inventory
  • Property records
  • Home improvement records and receipts
  • Car titles

Generally, financial professionals recommend a bank safe deposit box over a home one.

A Surprising Employee Flight-Risk

According to an ADP Research Institute study,* about 30% of employees leave their jobs within a month of their first promotion. Generally, the risk of a worker in the same position leaving at any given time is 18%. Employees in jobs that require little to no training, such as warehouse or hospitality workers, leave at especially high rates. So do those in roles requiring graduate school or an advanced technical degree.


One reason for leaving is that employees may feel overwhelmed because they didn't receive the training to succeed in the new position. Another is that the promotion has given them the confidence to seek a new job that pays more, has better benefits, or offers more opportunities. A third is that the promotion comes too late, and the employee has already started looking for a new position and receives a better offer shortly after the upgrade.


The months after a promotion are critical to retaining the employee. Provide adequate training and support to help the employee succeed. You can ask another employee to mentor the employee. Follow up with the employee post-promotion. After three months, he/she will know whether the job is as described to them and at six months, whether it is a good fit. The ADP study found that the likelihood of a promoted employee leaving after six months is the same as for other workers.

*The Hidden Truth about Promotions, ADP Research Institute, 2023



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