Kelly Green-Krist's (kgreenkrist) Blog

I am writing about a significant opportunity for your business to qualify for the Employee Retention Credit (ERC). As we are in 2023, you still have the chance to qualify for the ERC for the 2020 and 2021 calendar years and potentially recover a substantial amount of money.The ERC is a refundable...

I am bringing to your attention an opportunity that might result in significant tax benefits for you or your corporation—the unclaimed 2020 and 2021 COVID-19 sick and family leave credits.The IRS allows individuals and corporations to claim these credits to alleviate the pandemic’s impact. But ma...

When your S corporation covers or reimburses your more-than-2-percent-shareholder-employee health insurance expenses, it classifies the payments as box 1 W-2 wages but not box 3 or box 5 wages.When calculating the amount eligible for the Form 1040 self-employed health insurance deduction, you mus...

The IRS recently issued new guidance on electric vehicles. There are four ways you can potentially benefit from a federal tax credit for an EV you place in service in 2023 or later:  Purchase an EV and claim the clean vehicle credit. Lease an EV and benefit from the lessor’s EV discount. Purchase...

The real estate boom appears to be over for now. Morgan Stanley predicts that house prices could fall by 10 percent by the end of 2024, perhaps twice as much in a worst-case scenario. Homeowners who purchased their homes at the top of the market could be in trouble, especially if the U.S. falls i...

Sometimes debts can pile up beyond a borrower’s ability to repay, especially if we are heading into a recession. But lenders are sometimes willing to cancel (forgive) debts that are owed by financially challenged borrowers. While a debt cancellation can help a beleaguered borrower survive, it can...

The IRS’s primary job is to collect taxes and one of their tools for doing this is sending out collection notices. IRS collection notices serve two purposes: they inform the taxpayer the amount that is owed and the date by which payment is due If you don't respond or make a payment within a certa...

Did you know there is a statute of limitation on the IRS’ ability to enforce tax collection? The 10-Year Collection Statute, commonly referred to as the Collection Statute Expiration Date (CSED), is one of the most important pieces of legislation you need to be aware of. The IRS can attempt to co...

Have you sold, or are you planning to sell commercial or rental property? To avoid immediately paying capital gains tax on your profit, you have options: Deferring the capital gains tax using a Section 1031 exchange Deferring the capital gains tax using a qualified opportunity zone fund With a Se...

Crowdfunding is a national and international phenomenon. Over $17 billion is raised yearly in North America through world-famous websites such as GoFundMe and Kickstarter.All this crowdfunding activity leads to an obvious question: Is the money raised this way taxable income for the recipients?Yo...