Kelly Green-Krist's (kgreenkrist) Blog

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Industry Observer - Green Krist CPA PLLC - 34463
RECENT BLOG POSTS
Three bad things happen when you file your tax return late. What’s Late? You can extend your tax return and file during the period of extension; that’s not a late-filed return. The late-filed return is filed after the last extension expired. That’s what causes the three bad things to happen. Bad ...
08/08/2021
The Tax Cuts and Jobs Act (TCJA) ugly net operating loss rules, which were laid dormant by the CARES Act, reappear in tax year 2021 to limit your tax loss benefits. You’ll most often see an NOL when you have a net business loss for the tax year. You are now stuck with the TCJA rules for NOLs star...
08/02/2021
When you travel to a business location where you spend the night, you are in travel status. But will the tax rules make this a business or personal night? The rules also affect your costs during the day. When you have an overnight business travel day, you generally deduct your costs of sustaining...
07/12/2021
Cryptocurrencies have gone mainstream.  For example, you can use bitcoin to buy far more than you would think. To see, try googling “What can I buy with bitcoin?” You will get more than 350,000 hits. But using cryptocurrencies has federal income tax implications that may surprise you.  With the p...
06/20/2021
Here’s a vehicle story that you will find of interest.Taxpayer DJ is in an IRS audit of his 2018 tax return. It is now at the IRS appeals level.The vehicle in question is an SUV with a curb weight of 5,700 pounds and a gross vehicle weight of 6,100 pounds. If the tax code makes the SUV a passenge...
06/13/2021
Have you missed partying and having business meals with your prospects, customers, and employees?Well, get ready to start again. Soon, COVID-19 will behind us. It could be just a few short months away.To help you get ready, check the table below for what you can do in 2021 and 2022 as the law sta...
06/03/2021
Since 1986, lawmakers have limited business meal deductions: first to 80 percent, and then to 50 percent (unless an exception applies).But on December 27, 2020, in an effort to help the restaurant industry due to the COVID-19 pandemic, lawmakers enacted a new, temporary 100 percent business meal ...
05/16/2021
For tax year 2021, Congress is giving away billions of dollars in additional tax credits on your Form 1040 individual tax return. These temporarily expanded tax credits include the child tax credit, the dependent care credit, and the health insurance premium tax credit. With good planning on your...
05/02/2021
For the 2021 tax year only, the American Rescue Plan Act of 2021 (ARPA) makes big, taxpayer-friendly changes to the federal income tax child tax credit (CTC).  Here’s what you need to know, starting with some necessary background information. CTC Basics For 2018-2020 and 2022-2025, the maximum an...
04/14/2021
Disasters such as storms, fires, floods, and hurricanes damage or destroy property.If property such as an office building, rental property, business vehicle, or business furniture is damaged or destroyed in a disaster, your business may qualify for a casualty loss deduction. It’s easier to deduct...
04/04/2021