Tax

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 [...]

JanetKillingswortVideo Janet Killingsworth here. Not too long ago, members of Congress were saying the the NEW tax reform package would enable most American taxpayers to do their own taxes on a large postcard.   As we all know, this was not the case, even though more than 80% of Americans will see a reduction in what we pay in our own taxes beginning with 2018. And yes, the state of Georgia has also passed a reduction in income taxes. Yes, there was a time when most Americans could prepare their own taxes; however, each year the tax code becomes increasingly [...]

Lynn Spencer here. Today I want to share a tidbit of information many taxpayers do not understand when it comes to preparing and signing your federal and state tax return. YOU are the only responsible party to this very important transaction between the feds and the state. If you owe extra money due to not declaring income (from whatever source), or taking too generous tax deductions, or failing to tell your preparer "all the facts", you and only you will receive a notice thru the U.S. Postal Service (not any other way) of the deficiencies. At Killingsworth Spencer, we make [...]