Kelly Green-Krist's (kgreenkrist) Blog

Follow me
By
Industry Observer - Green Krist CPA PLLC - 34463
RECENT BLOG POSTS
The Corporate Transparency Act (CTA) is upon us. It takes effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited liability companies (LLCs), and other business entities. Corporations, LLCs, and other entities subject to the CTA are called “reporting...
01/07/2024
Do you sell goods or services and receive payment through a third-party settlement organization (TPSO)? If so, you must know the IRS’s new Form 1099-K reporting rules.TPSOs include: payment apps such as PayPal, CashApp, and Venmo; online auction or marketplace services such as eBay and Amazon; gi...
01/04/2024
Here is some important information regarding the net investment income tax (NIIT), which may be relevant to your financial situation. NIIT Overview The NIIT is a 3.8 percent tax that could apply if your modified adjusted gross income (MAGI) exceeds $200,000 (single filers), $250,000 (married, fil...
12/24/2023
Are you interested in becoming a commercial or residential landlord? If so, you’ll likely have to shell out plenty of money before ever collecting a dime in rent. The tax code treats some of those monies as start-up expenses. Start-up expenses are some of the costs you incur before you offer a pr...
12/17/2023
For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and imposes a brand-new federal filing requirement on most corporations, limited liability companies, and limited partnerships and on certain other business entities. No later than December 31, 2024...
12/13/2023
Contrary to popular belief, the IRS does not limit business owners to claiming deductions on only one business vehicle. You might maximize tax benefits by using multiple vehicles for business purposes. This is particularly true when you use the vehicles predominantly (more than 50 percent) for bu...
10/15/2023
When enacted, the Affordable Care Act (ACA) eliminated most small business health plans that reimbursed individually purchased health insurance. Consequently, many small business owners chose health savings accounts (HSAs) or opted to provide no health coverage at all.As of 2022, over 35 million ...
10/08/2023
Recent natural calamities in various parts of our nation have caused considerable distress. I want to bring to your attention some crucial tax-related implications and preventive measures you may consider.IRS Tax Relief UpdateFor Hawaii residents. The IRS has granted tax relief to taxpayers in Ha...
10/01/2023
For 2024, you can elect the de minimis safe harbor to expense assets costing $2,500 or less ($5,000 with audited financial statements or similar).The term “safe harbor” means that the IRS will accept your expensing of the qualified assets if you properly abided by the safe harbor rules.Here are t...
09/24/2023
I have great news! You can have in your real estate portfolio both investor and dealer properties. This distinction is significant for tax purposes.Here’s a snapshot of the potential tax differences:Suppose you profit $90,000 from a property sale: As a dealer, your tax could be up to $46,017. As ...
09/17/2023