Kelly Green-Krist's (kgreenkrist) Blog

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...

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...

Before the December 27, 2020, enactment of the new COVID-19 relief law, you may have chosen the Paycheck Protection Program (PPP) loan and given no thought to the employee retention credit.  Remember, under the original law, you had to choose between the retention credit and the PPP loan. Million...

The IRS can waive penalties it assessed against you or your business if there was “reasonable cause” for your actions.The IRS permits reasonable cause penalty relief for penalties arising in three broad categories: Filing of returns Payment of tax Accuracy of information Contrary to what you migh...

Are you one of the millions of businesses that have an outstanding non-disaster Small Business Administration (SBA) loan? These include:  7(a) loans (general small business loans of up to $5 million), 504 loans (loans of up to $5.5 million to provide financing for major fixed assets such as equip...

If a loved one passes away and you serve as the executor or inherit assets, you need to consider your duties and so some tax planning.  Filing the Final Form 1040 for Unmarried Decedent If the decedent was unmarried, an initial step is to file his or her final Form 1040.  That return covers the p...

Owing money to the IRS or state can be extremely stressful and you may be tempted to ignore the situation, but this will only make it worse. But where do you start? Let’s begin by explaining the IRS collection process.After a tax return is filed and processed, the IRS will assess the taxpayer for...

The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted on December 27, 2020, deals with the annual tax extenders. Congress made some of them permanent, while others got short- or long-term extensions.These are the big five Form 1040 tax breaks that were scheduled to expire on Decembe...