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


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?2024-05-13T22:25:44+00:00

Beneficial Owner Information – BOI


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 – BOI2024-03-25T16:51:08+00:00

Important information about PTE for business owners


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 owners2024-03-05T22:35:23+00:00

The April 15th tax filing deadline is fast approaching


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 approaching2024-03-05T18:54:02+00:00

Give a warm welcome to our three new associates


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 associates2024-02-22T21:43:35+00:00

This year, I am thankful for….


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. [...]

This year, I am thankful for….2023-11-21T20:04:41+00:00

501c (3) Foundation for Janet L. Killingsworth, CPA


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 [...]

501c (3) Foundation for Janet L. Killingsworth, CPA2023-11-06T21:11:19+00:00

What is YOUR Exit strategy from your business?


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 [...]

What is YOUR Exit strategy from your business?2023-09-18T15:44:48+00:00

Is a Roth IRA better than a traditional IRA or 401(k)?


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 [...]

Is a Roth IRA better than a traditional IRA or 401(k)?2023-09-12T17:23:16+00:00

You MUST prepare for the unexpected!


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 [...]

You MUST prepare for the unexpected!2023-08-23T14:56:24+00:00
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