If you're taking care of adult children, relatives or parents, you know that this can create an additional financial strain. To ease it, the IRS offers a credit for dependents who are too old to qualify for the child tax credit....
According to the IRS, the EITC is one of the government's largest refundable tax credits for low-to-moderate-income families. The recent expansion of this credit means that more people may qualify to have some much-needed money put back in their pocket....
The IRS has updated its Recovery Rebate Credit FAQ, which is organized into eight categories. The full document is available online, but you can find some of the updates below. ...
The 2021 tax landscape was filled with headlines about new, possible, and pending legislation. When the year ended, taxpayers were left with many questions about what taxes would look like in 2022. For now, the Build Back Better Act is on hold, and many provisions...
January 1 signaled the start of the new year as well as the start date for a number of new laws, rules, and regulations. Among them is one that will impact business owners utilizing third-party network payment providers, such as PayPal, Venmo, and Zelle....
The IRS has announced that taxpayers can now file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products. This form is used to amend various versions of Form 1040....
Tomasz joined the firm in 2017 as a Staff Accountant, having graduated Cum Laude with a BS in Accounting from Rutgers Business School. In this role, he assisted senior level staff and management with audit, accounting, and tax related tasks....
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...
