Tax

Hello everyone. Last year I did a podcast about using an automatic extension if you are not ready to file your returns by the April 15th deadline. Because of the Covid pandemic, this year's due date is July 15th. Other than substituting July 15th for April 15th for 2020, the balance of the information remains relevant. Lynn Spencer Watch it here https://www.youtube.com/watch?v=JpuVqjZx850&list=PLZHe19A1Qzz8eKpNivxgcoHt7UsaL1KuS&index=4&t=1s HAVE A GREAT WEEK

Hello there, Andrea Altman with Killingsworth Spencer here. Today I want to let you all know about how the Georgia Film Tax Credits work, and how they can save many GA residents on their state income taxes. Many people are unaware of just how big a deal the GA film industry is and how it benefits every citizen. GA currently ranks 3rd behind California and New York in the total number of film and television projects produced. Over 92,000 Georgians are employed by the film industry with over $4.6B in direct wages, and an estimated economic impact of $9.5B (these are [...]

Hello everyone, We wanted to pass along some important information to you if still owe GA income taxes for 2019. Two updates as we approach July 15th:   We currently have over 60 mil Georgia film credits that can be used for 2019 returns and extensions. We can close on credit transactions as long as a wire is received on or before Tuesday, July 14th.   2. Disney has asked us to place these remaining credits, so they are very competitively priced:   20th Century Fox Productions 2017 tax year credits 190,000 available (prefer to place with 1 or 2 buyers, [...]

Sometimes trying to be too discreet can cause major headaches Did you receive your economic stimulus check from the CARES Act yet? If you qualified to receive a stimulus payment you may be one of the four million plus Americans who will receive an Economic Income Payment (EIP) debit card by mail. The Treasury department began sending the cards May 26th in a plain white envelope with the inscription “Money Network Cardholder Services in Omaha” in the return address portion. If you received an envelope like this, thought it was junk mail, and tossed it away, you are not alone. The [...]

“Like sands through the hourglass, so is the news surrounding the PPP loans.” As you may recall business owners have applied to borrow up to 2.5 times their average monthly payroll through the Payroll Protection Program. The CARES Act specifically states that the money must be used within 8 weeks of receipt for payroll and certain other expenses such as rent and utilities. If the loan proceeds are used correctly the loan can be forgiven. Generally when debt is canceled it results in gross income and becomes taxable. The CARES Act clearly states that forgiven debt under the PPP shall be [...]

The “Special Rules for Loans and Distributions from IRAs and Qualified Plans” is one major aspect of the CARES Act that has garnered little attention. You may withdraw up to $100,000 from all qualified plans in which you participate from January 1, 2020 to December 31, 2020 without the 10% penalty for early withdrawal if you are under 59½ if any of the following circumstances occurs: You are diagnosed with SARS-COV2 or COVID-19 by a test approved by the CDC A spouse or a dependent is diagnosed with same You experience adverse financial consequences as a result of the following: Quarantined [...]