Samantha Ponder - I graduated from Kennesaw State University in 2004 with a bachelor’s degree in accounting. I have worked in both public and private accounting for many years after graduation before putting my career on hold to raise my children. I was happy to return to accounting as I enjoy helping my clients with their tax needs. I enjoy spending time with my children when I am not busy at work. I also enjoy being active inside and outside of the gym and spending time with friends. Tunieka Brown - I have 10 years of experience as an administrative support [...]
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So far kwscpa has created 71 blog entries.
We gather at Thanksgiving with family and friends each year to celebrate our good fortunes, time together, and great food – and for some, time for shopping on Black Friday. But what do you do when you have lost someone close to you because of death this past year? While they are absent from us in the flesh, they only become absent from our hearts if we choose not to include them in our memories. From all of us here at Killingsworth Spencer CPAs, we mourn the loss of our founder, Janet K. Killingsworth, CPA, to Breast Cancer earlier this year. [...]
Greetings everyone, Lynn Spencer here. November 7, 2023, would have been Janet’s 62nd birthday. We now have a 501c (3) Foundation for Janet Killingsworth, CPA established. With the efforts of Janet’s husband, John McAlister, and her therapist, Elaine Smith, any donation using the QR code below will be made in Janet’s honor and stay in Newnan, GA at City of Hope, formerly, Cancer Treatment Center of America, to help the cancer patients there who are in need of extra help. It turns out Janet was one of the “lucky” ones in that she had excellent insurance and the ability to pay [...]
On January 1st, 2021, Congress passed the Corporate Transparency Act (CTA) to help put an end to tax evasion by those who use a maze of small companies in numerous states to make it difficult to discover the beneficial owner(s). A beneficial owner is defined as an individual who exercises substantial control over the entity or owns 25% or more of the entity. The last time American citizens saw this level of financial reform was in 2001 after the September 11th terrorist attacks. What happens on January 1, 2024? Lynn Spencer here with Killingsworth Spencer CPAs. Beginning January 1, 2024, the [...]
Before the Covid 19 Pandemic began in March 2020, the accounting and tax/CPA industry was facing a staffing shortage; too many CPAs were approaching retirement, and accounting students were diminishing. Accounting graduates preparing to sit for the grueling CPA exam were waning too. Post-pandemic, the number of CPAs and accounting professionals retiring or passing away has surpassed projections. To exacerbate the state of affairs, new tax laws continue to become more complex, increasing the demand for experienced CPAs and tax professionals. This is especially worrisome to anyone who owns a business. Not only does the industry feel the shortage, but the [...]
Most business owners do not realize they own either a high-paying JOB, a lifestyle business, or one that is run so well, that it can sell for a premium in the marketplace. Can you vacation for a couple of weeks and leave your cell phone at home? When you come back to the office will it be the same or better than when you left? If the answer is NO, then you have a high-paying job. A lifestyle business is where you are making the money you need to pay your bills, enjoy nice vacations, and own some toys. A business [...]
Have you ever heard of the expression, “Would you rather pay taxes on your seeds or your crops?” Let’s put it another way, would you rather pay taxes at the beginning of your retirement plan investment or the end of a twenty-to-forty-year investment cycle? My name is Rebekah Littleton, MAcc a Senior Staff Accountant at Killingsworth Spencer CPAs. In this article, I want to point out the key differences between a Roth IRA account and a traditional IRA, or 401(k) retirement plan. In a Roth plan, there is no tax savings with your contribution; however, gains within the account are not [...]
Due to our current economic climate, clients are asking our advice about the taxable consequences and best practices to borrow funds from their own companies. Shareholder loans “from” a corporation Loans “from” your business may not be the best way to distribute money to avoid paying income taxes. The IRS has placed strict rules on this practice, in that the loan could be taxed as a capital gain to you personally. Judy Bernhard, CPA here, and I am the Resident Tax Manager with Killingsworth Spencer CPAs. The items to have in place in taking a shareholder loan include a loan document [...]
YES! This can be a difficult subject to discuss with your business partner(s) and/or your spouse. It is critical for you to learn from each other as to wishes and next steps when it comes to disposition of legacy assets at death. This is NOT something you want to be guessing at or doing hastily at the end of a loved one’s life. When is the last time you reviewed your: Buy/Sell agreements – Wills/Trust agreements Business documents IRA/Retirement plans – including beneficiary designations Life insurance policies – including beneficiary designations Computer/Cell phone/Banking passwords/Tax records Power of Attorney/Health care directives If [...]
Business owners are pulled in many different directions each day. The business must be nurtured for it to grow and remain strong and healthy. Successful business owners also realize they cannot take this journey alone. They must surround themselves with a great team where everyone is aligned for success. One of the greatest challenges business owners must face is to have access to critical financial information in real time to make good decisions. This information comes from having a talented team of advisors who work in concert to help the owner gain access to knowledge. Killingsworth Spencer CPAs sees its role [...]