Accounting Archives - Killingsworth Spencer, LLC

Beneficial Ownership Information (BOI)

kwscpa2024-10-01T22:08:37+00:00

Beneficial Owners (shareholders/partners who own at least 25% of an entity) now have less than 90 days to complete the form without incurring a Civil penalty up to $591/day beginning in January 2025. Greetings from Killingsworth Spencer CPAs, Lynn Spencer here. Earlier this year, we wrote a post detailing BOI. You may read that here – BOI Post If you own a Georgia business, you may have received an email from the GA Secretary of State Corporations Division reminding you to complete the BOI registration. You can do it now by clicking here - https://www.fincen.gov/boi. This should take about 10 minutes [...]

Beneficial Ownership Information (BOI)kwscpa2024-10-01T22:08:37+00:00

Related Party Transactions in Real Estate

kwscpa2024-09-26T19:46:37+00:00

Hello again, Judy Bernhard, CPA and Resident Tax Manager with Killingsworth Spencer CPAs. Recently, our firm has been faced with the challenges of educating clients on the ins and outs of related party transactions. “Related Parties,” as defined by the IRS, are children, grandchildren, nieces, nephews, aunts, uncles, etc. The IRS Tax Code is designed to limit the use of transactions to manipulate tax benefits between related parties. Though the intent in transacting business and personal matters between family members is as old as time, the IRS has “strings” attached per the tax code that can adversely impact the intent of [...]

Related Party Transactions in Real Estatekwscpa2024-09-26T19:46:37+00:00

Tax Tips for 4th quarter 2024

kwscpa2024-09-20T20:18:55+00:00

Hello again, Judy Bernhard, CPA and Resident Tax Manager with Killingsworth Spencer CPAs. I want to provide you with eight important tax tips as we start the last quarter of 2024. Stock/Mutual Fund/Bond sales in 2024 – If you own a securities portfolio, October is a good time to meet with your financial advisors to make certain they are keeping track of your cost basis (what you paid for the security plus any dividends) because the IRS will always assume zero cost basis on your tax return without proper documentation. It is ultimately the taxpayer's responsibility to keep track of cost [...]

Tax Tips for 4th quarter 2024kwscpa2024-09-20T20:18:55+00:00

Welcome Gus Martinez, CPA

kwscpa2024-08-28T19:13:22+00:00

Greetings, Lynn Spencer here. I am pleased to welcome Gustavo “Gus” Martinez, CPA, the newest member of Killingsworth Spencer CPAs. Gus grew up in Florida; he earned his bachelor’s degree in accounting from UCF in Orlando and his master’s in taxation from Florida Atlantic University in Boca Raton. Gus began his tax career in 2017 with a national accounting firm. Gus is eager to share his knowledge of tax and accounting with small- to medium-sized business owners. He brings expertise in working with estates and trusts and solving highly complex tax issues. He is married to his high school sweetheart. They [...]

Welcome Gus Martinez, CPAkwscpa2024-08-28T19:13:22+00:00

Road trips, ice-cream trucks, beach days … and TAXES (due)

kwscpa2024-06-10T18:12:31+00:00

Greetings! The summer is heating up, and 2nd quarter tax estimates are due. If you make estimated tax payments to the IRS or the state, your next payment is due by Monday, June 17, 2024. If you do not pay enough tax in a timely manner, either by payroll withholding or estimated payments, you may incur an underpayment penalty. To avoid this, aim to pay 100% of your previous year’s taxes or at least 90% of this year’s taxes, UNLESS 2023’s adjusted gross income (AGI) was more than $150,000 (MFJ) or $75,000 (Single & MFS)…in that case, you need to pay [...]

Road trips, ice-cream trucks, beach days … and TAXES (due)kwscpa2024-06-10T18:12:31+00:00

Are you “Flirtin with Disaster” by using a CPA or a tax preparation firm that does not ask you the hard questions?

kwscpa2024-05-13T22:25:44+00:00

You may recall the 1979 smash hit, “Flirtin` with Disaster” by the rock group, Molly Hatchett. “When we gamble with our time, we choose our destiny” is a line from the song; think about how you might be able to relate. Hello again, Lynn Spencer here. I am the co-owner and CEO of Killingsworth Spencer CPAs. Today I want to share a few things our firm is seeing with respect to new client engagements. Prospective clients who have come to us for help in recent months are sometimes surprised after our review of their past tax returns. Our staff has uncovered [...]

Are you “Flirtin with Disaster” by using a CPA or a tax preparation firm that does not ask you the hard questions?kwscpa2024-05-13T22:25:44+00:00

Two weeks to go until April 15th tax filing deadline

kwscpa2024-04-01T14:20:49+00:00

Hello everyone, Lynn Spencer here, CEO of Killingsworth Spencer, CPAs. The calendar may say it’s April 1st (April Fool’s Day), but we are two weeks away from the April 15th tax filing deadline. If you have not filed for the automatic six-month extension to October 15th, 2024, you have until midnight, Monday, April 15th, 2024, to do so. This is also the final day to file your taxes if you are due a refund from your 2020 income taxes and you failed to file for an extension to October 15th, 2021. Otherwise, the refund is lost forever. April 15th is also [...]

Two weeks to go until April 15th tax filing deadlinekwscpa2024-04-01T14:20:49+00:00

Beneficial Owner Information – BOI

kwscpa2024-03-25T16:51:08+00:00

What is Beneficial Ownership Information? WHAT YOU NEED TO KNOW IN UNDER 3 MINUTES [Latest News – A federal district judge, Lyles C. Burke, ruled on March 1st, 2024, in favor of the plaintiffs’ motion for summary judgment in the case of National Small United v. Yellen. The court stated in its opinion that “while the legislation (below) may have sensible and praiseworthy ends.” The government’s argument that Congress has the power to regulate millions of entities and their stakeholders the moment they obtain a formal corporate status from a state are not supported by precedent.” The opinion further stated the [...]

Beneficial Owner Information – BOIkwscpa2024-03-25T16:51:08+00:00

Important information about PTE for business owners

kwscpa2024-03-05T22:35:23+00:00

The March 15 deadline is quickly approaching. We wanted to remind you that if you have not paid your Pass-Through Entity (PTE) tax for Georgia for the 2023 tax year, it should be paid as soon as possible to stop additional interest and penalties from accruing. These payments were due throughout the 2023 tax year. Also note, this election is voluntary and not required for Partnerships and S-Corporations. You can still pay the Georgia tax generated from your company at the individual level. If you are unsure if you were supposed to be paying PTE tax, please refer to your 2022 [...]

Important information about PTE for business ownerskwscpa2024-03-05T22:35:23+00:00

Give a warm welcome to our three new associates

kwscpa2024-02-22T21:43:35+00:00

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 [...]

Give a warm welcome to our three new associateskwscpa2024-02-22T21:43:35+00:00