Kelly Green-Krist's (kgreenkrist) Blog

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 ...

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 ...