Kelly Green-Krist's (kgreenkrist) Blog

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...

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...

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...

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 ...

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...

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...