Oct 21 FinCEN Finalizes Beneficial Ownership Reporting Rules for Real Estate
The Treasury Department updated its frequently asked questions on July 8, 2024. The big news: if the plan was to dissolve the company before 2025, you must register! ...
Mar 02 KRS CPAs Has Joined the BDO Alliance!
We are pleased to announce that KRS CPAs, LLC has joined the BDO Alliance USA, a nationwide association of independently owned local and regional accounting, consulting, and service firms with similar client service goals....
Aug 16 Lance Aligo Promoted to Partner
Accounting manager Lance Aligo, CPA, MSA, advances to a partner position at KRS. He will continue to provide his tax expertise to high net-worth individuals, real estate clients, and others in the firm’s growing client base. He will also continue to lead recruiting and staff...
Jan 19 Short Term Rentals
Short term rentals are very popular these days. Especially on rental sites such as Airbnb and Vrbo. Whether it’s a cottage at the beach, an apartment in the city, or a home in the mountains, short term rentals make it easy to travel and provide...
Nov 20 Determining Basis of a Principal Residence
If you're selling your home, understanding the concept of 'basis' can help save taxes. You are probably aware you may be able to claim itemized deductions on your income tax return for real estate taxes and home mortgage interest. Most other home ownership costs are...
Dec 05 Special Tax Allowance for Rental Real Estate Activities
If a taxpayer fails to qualify as a real estate professional, losses from rental activities may still be deductible. While real estate professionals are afforded beneficial tax treatment enabling them to deduct losses from their real estate activities, real estate nonprofessionals taxpayers may still benefit....
Dec 05 How Does the Net Investment Income Tax Apply to Rental Real Estate?
Taxpayers should be mindful that their rental income may be subject to taxes in addition to ordinary income tax. This post covers the ins and outs of the Net Investment Income Tax. ...
Dec 05 Allocating Between Land and Building when Acquiring Rental Real Estate
How purchase value is divided up between land and buildings impacts the depreciation tax benefits you get as a real estate owner. Here's what you need to know....
Aug 15 Treasury Proposes New Tax Regulations to Limit Discounts in Intra-Family Wealth Transfers
Recently, the Treasury issued proposed regulations which, if adopted, would severely limit taxpayers’ ability to receive tax benefits for wealth transfers to family limited partnerships. This post discusses why you should act now if you have a federally taxable estate and are considering wealth transfers....
Nov 22 Understanding IRS Rules for Self-Rentals
If you rent property to one of your business entities, that "self-rental" arrangement may have negative tax consequences. Here's what you need to know about the tax effects of self-rentals....
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