When you're filing your tax returns, what expenses can you deduct from business income? It's a complex question. To start with, a business expense must be both ordinary and necessary to be deductible, according to the IRS. An ordinary expense is one that's common and...
Here at KRS, we are more than grateful to welcome our new 2022 interns! Every year we are able to continue our internship program to young and growing minds! In 2022, we onboarded 3 new interns, take a moment to learn more about them!...
Please meet Daniel Perrine! He recently joined our team on November 29th, 2021. Here are a few words from Daniel: "I am a staff accountant at KRS. I perform a variety of accounting and tax assignments. I work on preparing tax returns, trial balances, and...
Starting January 1, 2022, Venmo, PayPal, Zelle, and Cash App are required to report payments for goods and services of more than $600 to the IRS. Prior to 2022, these platforms were required to report on Form 1099-K to the IRS payments for goods or...
With preparations for the next tax season starting there is something important you should be aware of. The IRS will be sending out two letters to taxpayers in January: Letter 6419 - Advance Child Tax Credit Payments Letter 6475 - Economic Impact (stimulus) Payment It is important that you...
