Kelly Green-Krist's (kgreenkrist) Blog

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...

Are you 72 or older? If so, you must take a required minimum distribution (RMD) from your traditional IRA, SEP-IRA, or SIMPLE IRA by the end of the year. If you turn 72 this year, you can wait until April 1 of next year to take your first RMD—but you’ll also have to take your second RMD by the en...

You may have noticed that the IRS is in a bad way. It has a backlog of millions of unprocessed paper tax returns, and taxpayers can’t get through to the agency on the phone. Congress noticed and took action by passing a massive funding of the IRS in the recently enacted Inflation Reduction Act.Th...

Are you thinking of getting married or divorced? If yes, consider December 31, 2022, in your tax planning. Here’s another planning question: Do you give money to family or friends (other than your children, who are subject to the kiddie tax)? If so, you need to consider the zero-taxes planning st...

The clock continues to tick. Your retirement is one year closer. You have time before December 31 to take steps that will help you fund the retirement you desire. Here are four things to consider.  Establish Your 2022 Retirement Plan First, a question: Do you have your (or your corporation’s) ret...

Here are six powerful business tax deduction strategies you can easily understand and implement before the end of 2022.  Prepay Expenses Using the IRS Safe Harbor You just have to thank the IRS for its tax-deduction safe harbors. IRS regulations contain a safe-harbor rule that allows cash-basis t...