Kelly Green-Krist's (kgreenkrist) Blog

In the complex world of taxes, some individuals may find themselves classified as "non-filers." These are people who, for various reasons, haven't submitted their tax returns to the government. While it may seem harmless or unimportant to skip filing, there are significant risks and consideration...

Here’s a recent update on the Employee Retention Credit (ERC) and the new IRS payback scheme.New IRS ERC Payback ProgramThe IRS introduced a second ERC Voluntary Disclosure Program for 2021 claims. Under this program, you can say, “I didn’t deserve the ERC, so I’ll repay 85 percent of my claimed ...

The clock continues to tick. Here are the upcoming deadlines for filing your Business Ownership Information (BOI) reports with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).DeadlinesIf your business existed as of January 1, 2024, you must file your BOI report...

Here are some important updates and strategies regarding Social Security and Medicare taxes that may significantly impact your business.For 2024, the Social Security tax ceiling increased to $168,600, resulting in a maximum Social Security tax of $20,906 for high earners. The Social Security Admi...

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...

Long-term care costs can be substantial, and neither Medicare nor Medicaid provide comprehensive coverage for most people. Long-term care insurance can help protect your finances, and there may be ways to deduct the premiums, depending on your business structure.Here are four key points to consid...

While a final notice from the IRS can be intimidating and stressful, there are options to solve your problem and prevent unexpected levies of bank accounts, paychecks, and other assets. To do so, you will need to quickly act.   This IRS final notice can be Letter 11 (LT 11), CP 90 or Letter 1058,...

Purchasing raw (unimproved) land can be a great way to get into real estate investing. Raw land is ordinarily cheaper than land with buildings and other improvements. Moreover, you don’t have the expense of handling building maintenance and other upkeep, not to mention the headaches of dealing wi...

As you consider the process of shutting down your S corporation, it is crucial to understand the federal income tax implications that come with it. Here, I outline the tax basics for the corporation and its shareholders under two common scenarios: stock sale and asset sale with liquidation.Scenar...

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 ...