News Archives - Killingsworth Spencer, LLC

Don’t forget about Gifting as a planing tool

kwscpa2024-11-08T17:17:23+00:00

Tis the season for giving, including end of year gifts to family, charity, and friends. In fact, your mailbox may be getting full from charities requesting funding. Hello again, Judy Bernhard, CPA, and Resident Tax Manager at Killingsworth Spencer CPAs. The first question to ask yourself is what is the purpose of the gift and how much do you want to give away? If your intent is to unload some cash to family or friends, the Annual Exclusion (AE) Gift is $18,000 per person in 2024 and is unlimited as to the number of gifts per Donor. No gift tax return [...]

Don’t forget about Gifting as a planing toolkwscpa2024-11-08T17:17:23+00:00

The Future Tax

kwscpa2024-10-22T19:30:05+00:00

January 1, 2026, is an important date to remember. On that day the tax saving mechanisms from TCJA in 2017 revert to pre-2018 levels, including the federal estate tax lifetime exemption, unless Congress takes action. Currently, the lifetime exemption for federal estate tax is $13.61 million per person. The new lifetime exemption amount is projected to be reduced to $7M beginning on January 1, 2026. Granted, this is not something most Americans will need to concern themselves with, but if you a own a business, significant investable assets, or valuable real estate….. Hello again, Judy Bernhard, CPA and Resident Tax Manager [...]

The Future Taxkwscpa2024-10-22T19:30:05+00:00

Disaster Relief – Hurricanes Helene & Milton

kwscpa2024-10-14T20:17:05+00:00

Many taxpayers have properties in the areas affected by hurricanes Helene and Milton. Flooding was the most common cause of damage, and most homes and businesses were not covered by flood insurance. Greetings, Lynn Spencer here from Killingsworth Spencer CPAs. Residents in several states are included in the federally declared disaster area. See list (IRS.gov). While extending deadlines for most returns can be helpful, there is also tax relief. Disaster Losses – individuals and businesses in the disaster area who suffered uninsured or unreimbursed disaster-related losses from the October 2024 hurricanes may choose to claim them either on their 2023 or [...]

Disaster Relief – Hurricanes Helene & Miltonkwscpa2024-10-14T20:17:05+00:00

Cybersecurity Tips to keep Your Personal and Financial Information Safe

kwscpa2024-09-11T22:44:17+00:00

Cybersecurity Tips to Keep Your Personal and Financial Information Safe These days, protecting your personal and financial information is more difficult than ever. Greetings, Lynn Spencer here with Killingsworth Spencer CPAs. I want to introduce you to our managed IT provider, Luis Cotto, president of Tech Support of Georgia. We discussed our chances of Cyber-crimes. Below is what we feel are the best ways to protect ourselves right now. 1. Get an IRS IP PIN One easy way to protect yourself from tax-related identity theft is by getting an IRS Identity Protection PIN or IP PIN for short. It’s a six-digit [...]

Cybersecurity Tips to keep Your Personal and Financial Information Safekwscpa2024-09-11T22:44:17+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

Why a GOOD Bookkeeper is vital to the ongoing success of your small business

kwscpa2024-08-22T13:53:06+00:00

By: Rebekah Littleton, MAcc Hello there. I'm Rebekah Littleton, a senior tax Accountant at Killingsworth Spencer CPAs. My clients often ask how they can better control their business finances and make more confident financial decisions. Small business owners must wear many hats to make their enterprise prosperous, including driving revenue and controlling expenses. As a Sr. Tax Accountant who specializes in working with successful business owners and high net worth individuals, bookkeeping should be viewed as an investment in your business and not an expense. Either having no bookkeeper or someone who does not know what they are doing can cost money in [...]

Why a GOOD Bookkeeper is vital to the ongoing success of your small businesskwscpa2024-08-22T13:53:06+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

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

The April 15th tax filing deadline is fast approaching

kwscpa2024-03-05T18:54:02+00:00

Hello everyone, The tax filing deadline for 2024 is Monday, April 15th. Killingsworth Spencer CPAs will need 100% of your tax information to us by Friday, March 15th, to avoid a tax filing extension by April 15th. Please also note that if you think you owe any federal and or state income tax for earnings in 2023, the taxes must be paid by April 15th to avoid interest and penalty charges. “An extension to file is not an extension to pay 2023 taxes owed for federal or state.”

The April 15th tax filing deadline is fast approachingkwscpa2024-03-05T18:54:02+00:00