Jun 25 Meet the Team: Candace Mapp
We’re pleased to welcome Candace Mapp, who joined KRS as an Administrative Assistant in February. In this role, she supports day-to-day operations and helps ensure things run smoothly behind the scenes....
Jun 12 Living or Working Abroad? Your 2024 Federal Tax Return is Due June 16
Who qualifies for the extended deadline? You get this two-month extension (from April 15 to June 16) automatically if either of these apply: You live and work outside the U.S. and Puerto Rico, or You’re serving in the military outside the U.S. and Puerto Rico. To use...
Jun 12 You’ve Been Warned: 5 Tax Scams and What to Do Next
Over the past several weeks, we’ve broken down some of the most common scams individuals are facing—many with big tax consequences. These schemes aren’t just about lost dollars. They’re about shaken trust, stolen time, and emotional stress most folks never saw coming. Here’s what we covered: ...
Jun 12 Is Your Financial Info Disaster-Ready?
Disaster Prep: IRS Reminds Taxpayers to Safeguard Financial Records The IRS is reminding individuals and businesses that disaster preparation should be part of your annual routine. With tax season behind us and storm season already in motion, June is a smart time to take stock of...
May 29 FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and Persons
Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate...
Jun 25 Meet the Team: Brandon Bonkowski
Say hello to Brandon Bonkowski, a Staff Accountant at KRS. He works across several areas, including tax, audit, client accounting services, and sales tax. ...
Sep 20 What Doesn’t Your Credit Score Take Into Account?
FICO credit scores range from 300 to 850, with most lenders considering a score of 800 or higher to be excellent. The most important factor in determining your credit score is your payment history....
Sep 20 IRS Clean Vehicle Tax Credit FAQs
The Inflation Reduction Act of 2022 has altered the requirements for the clean vehicle tax credit, particularly for electric vehicles, including fuel cell vehicles. The credit is available for eligible commercial clean vehicles in addition to vehicles that were previously owned....
Jan 15 2017 Tax Legislation: What Individual Taxpayers Need to Know
At KRS, we’ve been tracking tax reform legislation closely. The new Tax Cuts and Jobs Act amends the Internal Revenue Code (IRC) to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. It is the most sweeping update to the U.S....
Nov 20 Excluding Gain on the Sale of a Principal Residence
One of the most valuable assets a taxpayer will ever sell is their personal residence. Under IRC Section 121 of current tax law, a taxpayer can exclude up to $250,000 ($500,000 if married, filing jointly) of gain realized on the sale or exchange of a...