Introduction to Killingsworth Spencer Hello everyone. Janet Killingsworth here. Today I wanted to share with you all a list of questions we either get asked or ones that we raise during the interview process when someone new comes to our office. In fact, you can use these questions as a guideline for most any professional you are looking to enter into a long term relationship. ELEVEN Questions you should be asking when you interview your next tax preparer or CPA 1. What is your educational background? 2. How long have you been preparing tax returns 3. Any certificates or special designations Do [...]
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Hello again, Lynn Spencer here. I have bad news to share with you all this week. Because of the Equifax Data Breach earlier this year, the IRS has put out a notice that if you are anticipating a tax refund for your soon to be filed 2017 taxes, do not expect a quick turnaround. Estimates on delays could run 2 months according to the IRS, to as long as 14 months according to consumer expert, Clark Howard. YES, that's correct. This means that you may wait until the spring of 2019 to receive a refund of taxes you began paying [...]
Killingsworth Spencer Lunch & Learn workshops Hello Everyone, Lynne Spencer here. Today I have good news for all procrastinators. Because Hurricane Irma did extensive damage to parts of south Georgia and many areas were without power for several days, both Governor Deal and President Trump have declared Georgia a state of emergency. The IRS and the GA Department of Revenue has provided the same extensions to file tax returns as the states of TX and FL as of September 19, 2017 (IR-2017-156). Tax returns that were on extension for S-Corp's, C-Corp's and personal tax returns are now due (including any payments) [...]
"We have beefed up our security protocols" QuickBooks Training Hello again, Lynn Spencer here. I have bad news to share AGAIN with you all this week. Because of the Equifax Data Breach earlier this year, the IRS stated this week that the individual IP PIN numbers will be discontinued immediately. What this means is that their experiment to add an additional layer of security protection did not work as intended. Many people do not realize that tax preparation professionals have more information on their clients than do other professionals such as your physician or attorney. Just like you, we hear all of [...]
Introduction to Killingsworth Spencer ... for family and tax planning too! Hello everyone, Lynn Spencer here. Today I want to give you all encouragement to begin preparing for your 2017 federal and state income tax returns. As we begin the final six weeks of 2017, most of us are focusing on the upcoming Thanksgiving and Christmas holidays. However, while you are busy with menu planning, travel itineraries, and gift buying, you should invest some critical time to make certain you take full advantage of tax deductions. Today's post will be the first of a series helping you to not [...]
Using your retirement account to fund a new business Hello again, Lynn Spencer here, and today I want to inform you that as of Saturday November 18th, the IRS is shutting down its Electronic Tax Filing Portal until the early part of January 2018 for annual maintenance. What this means to those taxpayers who have not yet filed their 2016 personal and or business returns is that they will need to be filed the "old fashioned" way. Extra time and expense on everyone's part required for administrative tasks, including securing original signatures. Printing and extra postage will also be necessary [...]
Hello again, Janet Killingsworth here. I want to THANK YOU ALL so much for the overwhelming response to my blog earlier this week. Our client, Drew Owen has expressed his gratitude of our willingness to help the rural hospitals in our growing state. Drew has been kind enough to put together some "talking points" to make it easier to explain how we as citizens of Georgia can do our part to help through our GA income tax payments. It takes less than 3 minutes to sign up at: https://www.georgiaheart.org/my_georgia_heart/tax_contribution_type. There are ZERO service fees or charges to go through this site. Here are [...]
QuickBooks Training You may have heard radio advertisements that Home Equity Lines of Credit (HELOCs) are no longer deductible after 12/31/17 as a result of the new tax law. The announcer says that you should roll up your HELOC into your current debt and refinance your new mortgage now. Hello again, Lynn Spencer here; today I want to discuss why it may not be advantageous for you to refinance as the ads suggest. Interest expense from HELOCs IS still deductible for home improvements up to $100,000 or for the funds necessary to purchase another home. The final regulations should be out this [...]
QuickBooks can be dangerous in the the wrong hands Congress first enacted the so-called Kiddie Tax rules as part of the 1986 tax reform. Yes, ancient history but the reason given was to prevent parents and grandparents who were in high income tax brackets from shifting income (especially from investments) to children and grandchildren who were in a lower tax bracket. Congress revamped this tax under the new Tax Act (TCJA). Hello again, Lynn Spencer here. The Kiddie Tax remains in place, but the rate structure has changed effective January 1st, 2018 and sunsets at the end of 2025. The [...]
We are teachers_ tax planners_ and tax preparers Think for a moment what a CPA has on a client. In addition to social security numbers for the entire family, birth dates, income from all sources, bank account numbers, investment accounts and balances, we also have credit card information, and all filer's drivers' licenses. We frequently have usernames and passwords into various financial accounts too. Vicki, a new client, came to our office prepared with her 2017 tax information as well as copies of her 2014, 2015, & 2016 tax returns. We found a mistake in the 2016 tax return where [...]