GA Film Tax Credits – 2024 Update
Up until a few years ago, it was possible to get taxes prepared (even at the October 15th tax deadline) and buy Film Credits from [...]
The Future Tax
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 [...]
Disaster Relief – Hurricanes Helene & Milton
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 [...]
Beneficial Ownership Information (BOI)
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 [...]
Related Party Transactions in Real Estate
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 [...]
Tax Tips for 4th quarter 2024
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 [...]
Cybersecurity Tips to keep Your Personal and Financial Information Safe
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 [...]
Welcome Gus Martinez, CPA
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; [...]
Why a GOOD Bookkeeper is vital to the ongoing success of your small business
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 [...]
Road trips, ice-cream trucks, beach days … and TAXES (due)
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, [...]
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 [...]
Two weeks to go until April 15th tax filing deadline
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
New Corporate Transparency Act January 2024
On January 1st, 2021, Congress passed the Corporate Transparency Act (CTA) to help put an end to tax evasion by those who use a maze [...]
Accounting & CPA firms are in crisis mode
Before the Covid 19 Pandemic began in March 2020, the accounting and tax/CPA industry was facing a staffing shortage; too many CPAs were approaching retirement, [...]
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 [...]
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 [...]
Loans to and from your business
Due to our current economic climate, clients are asking our advice about the taxable consequences and best practices to borrow funds from their own companies. [...]
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 [...]
Take hold of the 4th quarter now and make the year all come together before it’s too late
Business owners are pulled in many different directions each day. The business must be nurtured for it to grow and remain strong and healthy. Successful [...]
Work Opportunity Tax Credit
Recently, the IRS released updated information on the Work Opportunity Tax Credit. This federal tax credit is equal to 40% of up to $6,000 in [...]
Credit Shelter Trusts
Janet & Dan just prepared a Credit Shelter Trust Tax Return for the surviving spouse, Stella, of our deceased client, John (her husband). This Credit [...]
Welcome Rebekah Littleton, MAcc
I began my working career in retail and eventually found myself as a cake decorator for roughly 5 years. Finally, with the support of a [...]
Business Travel
Business travel is becoming more costly than in years past, but the related deductions can offset the expense. These are available when employees or the [...]
100% Bonus Depreciation Expiring Soon
Lynn Spencer here again with Killingsworth Spencer CPAs and another important tax tip. The 100% bonus depreciation deduction goes away on December 31, 2022. Business [...]
IRS has updated the business mileage deduction for 2022
In recognition of recent gasoline price increases, the IRS made a special declaration (IRS Announcement 2022-13): For the final 6 months of 2022, the standard [...]
Welcome Karen Greenfield
I have 10 years’ experience of bookkeeping in the construction industry and since then expanded into 1040 tax preparation. I am looking forward to growing [...]
Moving Expenses post TCJA
“We’re hiring” signs are everywhere in Georgia. Georgia’s unemployment #s are very low, and there are twice as many jobs than there are seekers. One [...]
Beware the Ides of March
There is a little background as to how the Ides (around the middle) of March ties directly into why we pay our taxes on March [...]
Life Insurance – A different perspective from a CPA
Life insurance gets a bad rap. Forget the name. It is just a financial tool that transfers risk for a minor amount of money and [...]
Expand your business outreach in 2022
In January 2021, the Treasury Department and the IRS issued a notice of a temporary exception to the 50% limit on the amount that businesses [...]
Looking to make a change with your tax preparer or CPA in 2022?
https://youtu.be/7Dfa864BIS0 Did you know that the IRS has published a checklist guide on choosing a good tax preparer? Watch the video to learn more about [...]
Time to get ready for Tax Season 2022
Time to get ready for Tax Season 2022. A quick resource to gather your financial information to get your taxes done. Each year, January marks [...]
Would you like to reduce your 2021 tax liability?
Have you sold any investments this year from sales of assets held for over one year? If so, this will be taxed at 0%, 15%, [...]
Frequently asked questions to a CPA
https://youtu.be/zrTcp4gIgbg Have you ever wondered what types of questions other curious people have for their CPA? Perhaps you have felt a bit intimidated to ask [...]
How to find a good tax preparer & CPA firm
https://www.youtube.com/watch?v=7Dfa864BIS0 Did you know that the IRS has published a checklist guide on choosing a good tax preparer? Watch the video to learn more about [...]
Bookkeeping for Latino businesses
If you are a business owner in the Latino community and you need help with your business bookkeeping, then look no further than Killingsworth Spencer [...]
Butcher, Baker, Candlestick Maker for the 21st Century
https://www.youtube.com/watch?v=KZwfgY___l0 Our economy is reliant upon service businesses more than ever before. We have all come to realize that we can do our best work [...]
S-Corp’s in the IRS crosshairs again
The IRS announced on August 24th that is has stepped up efforts to collect employment taxes from S-Corp. shareholders and officers. I am Lynn Spencer, [...]
I am Geirson Bejarano of Killingsworth Spencer CPAs. I am a Senior Staff Accountant and am studying for my Enrolled Agent (EA) license later this [...]
We would be lost without our support staff at Killingsworth Spencer CPAs
Lynn Spencer here with Killingsworth Spencer CPAs. Today I want to present a special SHOUT-OUT to two very important people on our staff who make [...]
Would you have confidence in a Surgeon who answered his own office phone?
Sounds kind of silly, but in all seriousness, have you stopped long enough to determine your own time’s worth in your business, or what functions [...]
GA Film Tax Credits explained in 90 seconds
Did you know that you can use GA Film Tax Credits to actually reduce the effective state income tax rate? Click on the video and [...]
Advanced Child Tax Credits
Advanced Child Tax Credits – What are they and who gets them? by Lynn Spencer Beginning July 15, 2021, and continuing for the remainder of [...]
Employee Retention Credit
Employee Retention Tax Credits – does your business qualify for this substantial tax credit? by Lynn Spencer Business owners may be eligible for a very [...]
Welcome Geirson Bejarno
Hola. Geirson Bejarano here with Killingsworth Spencer, CPAs in Roswell. If you have a tax problem with the IRS or the GA Department of Revenue, [...]
Roswell Arts Fund
I want to put a big SHOUT OUT to the Roswell Arts Fund. Killingsworth Spencer CPAs is now a sponsor, and we want to get [...]
May 17th is the tax filing deadline for 2020 taxes
Monday, May 17th is the deadline for filing 2020 tax returns and paying 2020 taxes. Taxpayers can easily apply for a 5-month extension to file [...]
Are crowdfunding proceeds taxable?
To determine if a gift on a crowdfunding site (like GoFundMe) has taxable or deductible consequences, the organizer’s intent and situation must be considered. Donations [...]
Order More – Pay Less
Last week, the Treasury Department and the IRS issued notice of a temporary exception to the 50% limit on the amount that businesses may deduct [...]
May 17, 2021 is the final date to claim your tax refund
Are you one of the 1.3 million taxpayers who did not file for your tax refund in 2017? Unclaimed income tax refunds worth more than [...]
NCAA Bracketology & New Tax Code – A Juxtaposition
MARCH MADNESS is a significant understatement this year, both if you are following the NCAA basketball tournament and the updates to the IRS tax code. [...]
important update to the May 17th tax filing deadline
As expected, Georgia conformed with the IRS and moved its 2020 individual tax filing deadline to Monday, May 17th. First quarter 2021 tax estimates are [...]
Important Tax Reminder
You have likely heard by now that the IRS has moved the 2020 individual tax filing deadline from April 15th, 2021, to Monday May 17th, [...]
Important Reminder
Since many of our readers are business owners, Killingsworth Spencer in Roswell wanted to share this brief reminder. Business owners must file 1099’s for cash [...]
When can I File my 2020 Tax Return?
The IRS announced today that the opening date to begin filing your 2020 tax returns has been moved back to Friday, February 12th. Here is [...]
There are No Magic Bullets!
If you owe back taxes to the IRS or the state, there is little doubt that you may feel anxious and vulnerable. If you have [...]
Are you planning to purchase a new vehicle soon?
A frequent mistake made by many business owners is with their auto expenses and tax deductions. The most common deduction method is the Mileage Method, [...]
The Tax Man and COVID-19
We have a few key tips and ideas if you owe back taxes to the IRS and or the state. The COVID-19 pandemic has disrupted [...]
“Helping Clients Understand the Choices that Matter” new trademark
Hello again, Lynn Spencer here. I am taking this opportunity to announce that Killingsworth Spencer in Roswell has a new registered trademark with the United [...]
What happens when a W-2 employee needs to deduct work related expenses due to Covid-19?
Our previous blog discusses the home office deduction and how it is not available to W2 employees working at home due to COVID. In addition, [...]
Home Office Deduction post TCJA of 2017
https://killingsworthspencerllc.com/blog Right now, at least 1 in 3 Americans find themselves working from home due to the Covid-19 pandemic. The Tax Cuts and Jobs Act [...]
Automatic Extension to FILE taxes
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 [...]
How GA Film Tax Credits Work
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 [...]
GA Film Tax Credits available for 2019 tax year
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 [...]
Section 165(i) and deducting 2020 Covid losses on your 2019 tax return
On March 13, 2020, the President declared the Coronavirus pandemic of sufficient severity and magnitude to warrant an emergency declaration for all states, tribes, territories, [...]
PPP Flexibility Act of 2020
On June 5th, President Trump signed into law the PPP Flexibility Act (PPPFA) of 2020. Here are the highlights of the Act: Extension to 24 [...]
Did you throw money in the trash?
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 [...]
PPP LOAN FORGIVENESS
PPP Loan Forgiveness Butcher, Baker, Candlestick Maker Businesses that received PPP loans will have to comply with SBA guidelines and then IRS regulations to receive [...]
The IRS denies a Tax Deduction
“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 [...]
New rules for RMDs due to the CARES Act
The CARES Act waves Required Minimum Distributions (RMDs) for 2020 from all defined contribution plans such as 401(k)s, 403(b)s, 457 plans, and IRAs which allows [...]
Stimulus Money You Can Access Immediately
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. [...]
Stimulus Scammers
The IRS urges taxpayers to watch carefully for COVID-19 scammers as many Americans will soon be receiving stimulus checks. The IRS will not call and [...]
Apply April 3rd for your PPP loan
April 3rd, 2020 is the first day business owners in the United States can begin applying for the PPP (Payroll Protection Program) loan that is [...]
Action steps for PPP loans due to COVID-19
Hello everyone. First, THANK YOU for being our clients and loyal blog post readers. We have been taking many calls and emails since the start [...]
To File or Not to File
The United States House of Representatives passed the $2T CARES Act this afternoon, and the President has signed it into law. Treasury Secretary Steve Mnuchin [...]
“Economic Injury”
“Not because they are easy, but because they are hard.” Some of you will recognize this quotation from President Kennedy’s 1962 speech that challenged America [...]
Update on July 15th, 2020 tax deadline
Update on the July 15th tax deadline Hello everyone, Lynn Spencer here. This post has the new tax filing deadlines for 2020. You now have [...]
“I’ll bet you didn’t know why we pay taxes in April” (VIDEO)
https://youtu.be/fXrRp-6FsR0 Some people correlate the “Ides of March” with William Shakespeare’s play, Julius Caesar. In it, a soothsayer warns the Roman general that his life [...]
IRS – Problem Resolution
Hopefully, you will never find yourself in the crosshairs of the IRS and its Collections and Enforcement Division. Hello, Judy Bernhard, CPA and Mason Hardin, [...]
Eleven Questions
Introduction to Killingsworth Spencer Hello everyone. Janet Killingsworth here. Today I wanted to share with you all a list of questions we either get asked or ones [...]
EQUIFAX DATA BREACH
Hello again, Lynn Spencer here. I have bad news to share with you all this week. Because of the Equifax Data Breach earlier this [...]
You now have until January 31, 2018 to file and pay your 2016 taxes
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 [...]
EQUIFAX DATA BREACH Part 2
"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. [...]
The most Wonderful Time of the Year
Introduction to Killingsworth Spencer ... for family and tax planning too! Hello everyone, Lynn Spencer here. Today I want to give you all [...]
You Have Until November 17th To Avoid Extra Hassle
Using your retirement account to fund a new business Hello again, Lynn Spencer here, and today I want to inform you that as of [...]
Georgia Heart 180 update
Hello again, Janet Killingsworth here. I want to THANK YOU ALL so much for the overwhelming response to my blog earlier this week. Our client, Drew [...]
HELOC interest is STILL deductible
QuickBooks Training You may have heard radio advertisements that Home Equity Lines of Credit (HELOCs) are no longer deductible after 12/31/17 as a result [...]
Unearned income can be taxed at 37%
QuickBooks can be dangerous in the the wrong hands Congress first enacted the so-called Kiddie Tax rules as part of the 1986 tax reform. [...]
How well do you know the firm who prepares your tax return?
We are teachers_ tax planners_ and tax preparers Think for a moment what a CPA has on a client. In addition to social security [...]
Our financial lives are far more complicated now
JanetKillingswortVideo Janet Killingsworth here. Not too long ago, members of Congress were saying the the NEW tax reform package would enable most American taxpayers [...]
A true story about hiring a Quick books professional
We are teachers_ tax planners_ and tax preparers Hello again, Lynn Spencer here. We just completed our busiest tax season ever at Killingsworth Spencer. [...]
Back door Roth IRAs help those taxpayers with high MAGI
A backdoor Roth IRA contribution is a way for taxpayers to put money into a Roth IRA who may not otherwise be able to [...]
The IRS and the state have been using the mail for over 100 years
Introduction to Killingsworth Spencer Lynn Spencer here. Did you know the only way the IRS or the State Department of Revenue (DOR) will ever [...]
Interesting facts about taxes – first in a series of useful information
Lynn Spencer here. Today I want to share a tidbit of information many taxpayers do not understand when it comes to preparing and signing [...]
Questions to ask your CPA or Tax Preparer.
Introduction to Killingsworth Spencer Lynn Spencer here. Today I want to focus on some important questions to ask your CPA or tax preparer, whether [...]
IRS has set the new retirement plan guidelines for 2019
It's that time of year again. Janet Killingsworth here. As we all begin planning for the Thanksgiving celebrations and Christmas and Hanukah in a [...]
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