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Spooky Facts About the IRS 👻
It’s that time of year when ghosts, ghouls, and… tax collectors roam the streets. While you’re busy dodging vampires and zombies this Halloween, don’t forget that the IRS can be just as terrifying. Here are a few spooky—but fun—facts about the Internal Revenue Service that may just send a shiver down your spine! 1. The…
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What Happens When You Don’t File?
Ah, taxes! They’re as certain as the sunrise, and just like that snooze button you press on Monday morning, it’s tempting to put them off. But what if you decide not to file your tax return at all? Could you just slip under the radar? Well, not exactly. Let’s take a light-hearted journey through what…
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Why are there “Passive Activity Loss Rules?”
The 1986 tax code introduced the Passive Activity Loss (PAL) rules, which aimed to curb the use of tax shelters by wealthy individuals. Before 1986, many taxpayers could use losses from passive activities (like real estate investments where they weren’t actively involved) to offset other types of income, reducing their tax liability. The new rules…