Jeff Kristoff

4.6K posts

Jeff Kristoff

Jeff Kristoff

@jckristoff

Katılım Ocak 2012
208 Takip Edilen288 Takipçiler
Jeff Kristoff
Jeff Kristoff@jckristoff·
@adamstatonsmith @Paychex Had a client once that sold their business.They had email confirmation that Paychex would file the W2s. Provided client with copies of W2s to distribute but Paychex never filed them. When the penalty notices came in they claimed they “per the eng letter” weren’t responsible.
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Adam Smith
Adam Smith@adamstatonsmith·
You pay @Paychex to remit your payroll taxes. We just found out 5.5 months later they didn’t. No reason. No explanation. Their answer: “we could not find a reason.” That’s a hell of a service.
Adam Smith tweet media
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^^Liz^^
^^Liz^^@LizMpersonal·
@ArthurJSpring I mean you could just say because you won’t answer my questions, you get 39.5.
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A.J. Spring
A.J. Spring@ArthurJSpring·
For the 1000th time, your tax pro is asking you questions because theyre trying to HELP you If I ask about your $50k office reno and I get details, I'll expense what I can and depreciate the rest But if you say "we redid our office" then that whole thing gets 39.5 yr depreciation
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Jeff Kristoff
Jeff Kristoff@jckristoff·
@SNS92569093 @cordes_tax This was my 22nd busy season and a few years ago after seeing the work and overconfidence of others I figured out that I know what I’m doing if I continue to feel like I don’t know what I’m doing.
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Stephanie S
Stephanie S@SNS92569093·
@cordes_tax When will we feel like we know what we’re doing? Is that like a 40 year milestone?
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Matthew J. Cordes, EA
Matthew J. Cordes, EA@cordes_tax·
Not sure why it is hitting me this hard to say I have 20 years of tax prep experience. Have I really been doing this that long?
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Jeff Kristoff
Jeff Kristoff@jckristoff·
@DianeGilabert “It’s all goodwill so all capital gain” but was all acquired goodwill that hadn’t appreciated and was all recapture.
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Diane Gilabert, CPA
Diane Gilabert, CPA@DianeGilabert·
“This should be mostly capital gain.” The word “mostly” doing a lot of work there. What’s the biggest gap you’ve seen between expectation and reality? #MandATax
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Jeff Kristoff
Jeff Kristoff@jckristoff·
@SamuelH890 @rledbetterCPA You’re correct. Reasonable cause frees up FTA for future years but paying the penalty doesn’t - At least in practice when I call and request it.
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Samuel Harris
Samuel Harris@SamuelH890·
@rledbetterCPA I was under the impression the first time penalty abatement wasn't available if a taxpayer was assessed any penalties in the previous 3 years. If you paid penalties in the prior 3 years, it's just not available.
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Roger Ledbetter
Roger Ledbetter@rledbetterCPA·
In 2026, the IRS has said they'll start automatically applying First-Time Penalty Abatement This is great news for taxpayers who don't have a tax pro on their side Not great news for high-variable income folks with tax pros When income swings between years, some small penalty and interest may accrue that you don't want to use this for - since it resets only every 3 years Rather, you may prefer to sit on this as an ace up the sleeve for that higher income year when the penalty and interest could be used to net more savings Note that this also applies to entities Previously, you had to call / write in to specifically request this so tax pros could be more intentional But all in all this is a net good for a majority of taxpayers
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Jeff Kristoff
Jeff Kristoff@jckristoff·
@tx_cole @taxgirl Preach. I don’t like doing math after a night of drinks. Just raise prices 25% and pay employees a respectable wage (will never happen but we can dream.)
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Cole
Cole@tx_cole·
@taxgirl Wild alternative: Do away with tips as a concept.
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Kelly Phillips Erb
Kelly Phillips Erb@taxgirl·
(1/2) The World Cup ⚽ could accidentally raise taxes on tipped workers. Here’s how. Many international visitors aren’t used to U.S.-style tipping, and restaurants are worried about lost income, so they're considering a mandatory 20% service charge. But there’s a tax catch.
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Jeff Kristoff
Jeff Kristoff@jckristoff·
@mountainwesttax Remember to keep going slower than “usual”! You’re gonna have a day that you’re feeling great and push it thinking you’re “back” and then wind up puking during the run (me last week.)
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MWT
MWT@mountainwesttax·
week three jogging and I got back to a mile split under 10 minutes
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Jeff Kristoff
Jeff Kristoff@jckristoff·
@vampireshoshi @VeryBannable @HillcrestCardCo You’re giving them way too much credit that they can do it in their head. It’s a concept that goes beyond 8+9 but they lack the capacity to understand how learning more than memorization is helpful.
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ScarletAquila 🖤🦂
ScarletAquila 🖤🦂@vampireshoshi·
@VeryBannable @HillcrestCardCo You’re rounding either the 8 or 9 to 10, reducing whats left to 5, then adding in whats left. 10+5+2 =17 = 8+9. It’s how you would figure it out in your head written out.
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AaronAlamary | Parking
AaronAlamary | Parking@aaron0505·
CPA fixed their mistake. We saved ~$18k.
AaronAlamary | Parking@aaron0505

We sold a Fort Lauderdale rental home in July 2025. Held it since 2017. Sold it with seller financing on a $900K note. Our CPA came back and said it did not qualify as an installment sale because title transferred at closing. Said the buyer needed equitable title only, not full title. I've never heard that before. I went and read IRS Publication 537 and Section 453 myself, thanks to my friend Claude. The definition of an installment sale is simple. You receive at least one payment after the tax year of the sale. That is it. No mention of title retention anywhere in the statute. Sent them both links, wrote back and made the case. Nearly 24 hour passed and still waiting on their response. Anyone on here know the answer?

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Jeff Kristoff
Jeff Kristoff@jckristoff·
@Tyler_Menzer Hey, it is is great that he is helping to implement the matching from the Secure Act 2.0 which was signed by our great President in 2022.
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Olga Khazan ME, BUT BETTER
Olga Khazan ME, BUT BETTER@olgakhazan·
Ok one more thing: it’s also really hard to know whether you can afford kids because childcare providers don’t list their prices online. It’s *the* biggest kid expense and could be anywhere from $1,000 to $3,000 a month
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Jeff Kristoff
Jeff Kristoff@jckristoff·
@CREwithGarrett @bradncpa And then they “sell it for a loss” and don’t understand why they owe tax when the proceeds didn’t even payoff the equipment loan.
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Garrett Pierson
Garrett Pierson@CREwithGarrett·
@bradncpa Seen this pattern more than once. The tax savings feel like a win until the cash is gone and the asset is collecting rust. Wealth is built through productive assets, not parked ones.
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Brad Nelson | CPA & Fractional CFO
Brad Nelson | CPA & Fractional CFO@bradncpa·
A client spent $500,000 to avoid paying $200,000 in tax. He bought a loader his business could use. But he bought it to depreciate it. So it sat in a field. Unused. I advised against it. He did it anyway. Bonus depreciation and Section 179 exist for a reason. But the deduction is supposed to follow the business need. Not replace it. If you wouldn't buy it without the tax benefit, the tax benefit isn't a good enough reason to buy it. Zeroing out your tax bill by burning cash on equipment you never touch is a terrible way to build wealth. All that does is move money from your bank account to a field. Spending a dollar to save forty cents is a bad strategy and never worth it.
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MWT
MWT@mountainwesttax·
just got off the phone with potential daycare for toddler to start in fall to confirm their annual price increase: $2,414/month
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Jeff Kristoff
Jeff Kristoff@jckristoff·
@mountainwesttax The increase is $2,414 a month or the cost is that? Crazy that’s even a question but I can imagine the increase being absurd.
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Jeff Kristoff
Jeff Kristoff@jckristoff·
@BkwrmCPA I appreciate these posts as it shows it isn’t just us. @andreacpa0’s suggestion of an 8821 for everyone might be the best practice
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Bookworm
Bookworm@BkwrmCPA·
Client got a mysterious refund check in the amount of the estimate that I provided last year - their questionnaire definitely says no estimate was paid How do you not remember writing an entire check to the government???
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Jeff Kristoff
Jeff Kristoff@jckristoff·
@ForemanTaxLaw @DianeGilabert After MA came up with their 90% credit (with a state PTET add back)to profit, CT switched to 87.5%. “screw it, we want in on this”
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Jeff Kristoff
Jeff Kristoff@jckristoff·
@ForemanTaxLaw @DianeGilabert CT started off at 93.01% but there was no profit to the state because the 6.99% PTET is deductible for state 1040. 100% income x 6.99% rate x 93.01% credit = 93.01% income x 6.99% rate.
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Matt Foreman
Matt Foreman@ForemanTaxLaw·
For what it's worth, PTETs should be set at like 110%. Still a net benefit for taxpayers, would actually pay for the extra processing that PTETs allow and raise revenue.
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On This Day in WWE
On This Day in WWE@OTD_in_WWE·
#OnThisDayInWWE 35 years ago on Saturday Night's Main Event: Neither Hulk Hogan's blows, nor the Ultimate Warrior's, can't hurt The Undertaker Talk about making a megastar! And the seeds are sown for Survivor Series... @undertaker
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Jeff Kristoff
Jeff Kristoff@jckristoff·
@AccountingAsArt I don’t know those but am thrilled it wasn’t just monopoly and CAH. You continue to impress Mary!
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Mary
Mary@AccountingAsArt·
Selling a number of board games we just don’t play anymore. Making some room on the shelves.
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Keşfet

@adamstatonsmith @Paychex @LizMpersonal @ArthurJSpring @SNS92569093 @cordes_tax @DianeGilabert @SamuelH890