Kelly Green-Krist's (kgreenkrist) Blog

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Industry Observer - Green Krist CPA PLLC - 34463
RECENT BLOG POSTS
The IRS (Internal Revenue Service) uncollectible status, formally known as Currently Not Collectible (CNC), is a designation given to taxpayers who are unable to pay their tax debt due to financial hardship. When a taxpayer is classified as Currently Not Collectible, the IRS temporarily suspends ...
07/21/2024
Early withdrawals from a traditional IRA before age 59 1/2 generally incur a 10 percent penalty tax on the taxable portion of the withdrawal. There are several exceptions to this rule that can help you avoid the penalty under specific circumstances. Below, I have outlined the key exceptions that ...
07/15/2024
One significant tax benefit of owning residential rental property or non-residential commercial or investment property is depreciation—a deduction you get without spending any additional money.But regular depreciation for real property is slow. Residential rental property is depreciated over 27.5...
06/09/2024
The IRS is having a big problem dealing with non-filers – individuals who fail to file their required tax returns. It’s an issue that’s been around for years, but one that hasn’t been a top priority for the IRS of late. As a result, there’s been a substantial increase in the amount of taxes that ...
06/02/2024
When you own and operate a business, you must exercise vigilant oversight, including watching over your payroll taxes. Here’s an example of why.Rodney Taylor entrusted his corporation’s accounting and bookkeeping to Robert Gard, CPA. Over several years, Mr. Gard embezzled between $1 million and $...
05/26/2024
You may have heard you cannot claim a home-office deduction without business income. That’s not accurate, as I explain below.Points to Consider Claim business deductions with no business income. Even if your business did not generate income this year, you should claim all business deductions. Suc...
05/19/2024
Have you established, or are you considering, a Section 529 savings plan for a child, grandchild, or other family member? Such plans are a great way to help pay for a person’s college education. Contributions are not federally tax deductible, but they grow tax-free, and you can withdraw them tax-...
05/14/2024
The Corporate Transparency Act (CTA) is upon us. It takes effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited liability companies (LLCs), and other business entities. Corporations, LLCs, and other entities subject to the CTA are called “reporting...
01/07/2024
Do you sell goods or services and receive payment through a third-party settlement organization (TPSO)? If so, you must know the IRS’s new Form 1099-K reporting rules.TPSOs include: payment apps such as PayPal, CashApp, and Venmo; online auction or marketplace services such as eBay and Amazon; gi...
01/04/2024
Here is some important information regarding the net investment income tax (NIIT), which may be relevant to your financial situation. NIIT Overview The NIIT is a 3.8 percent tax that could apply if your modified adjusted gross income (MAGI) exceeds $200,000 (single filers), $250,000 (married, fil...
12/24/2023
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