The Augusta Rule: How Homeowners Can Earn Tax-Free Rental Income for the 2026 FIFA® Games

2026-06-03T22:38:45+00:00

Major events can create unique opportunities for homeowners. Here’s a valuable tax strategy, commonly known as the Augusta rule, that can help generate tax-free income.  A homeowner may rent their primary residence for up to 14 days each year without paying federal income taxes on the earnings. Rent it out for 15 days or longer and every dollar earned is taxable from the first day forward. Atlanta is a host city for the 2026 FIFA® World Cup. This could be a wonderful opportunity for a homeowner to rent to a business or an individual, for tax-free income. In fact, this is [...]

The Augusta Rule: How Homeowners Can Earn Tax-Free Rental Income for the 2026 FIFA® Games2026-06-03T22:38:45+00:00

The Hidden 2026 Tax Change Affecting Workplace Coffee & Snacks

2026-05-28T19:50:32+00:00

There is a quiet tax law change taking effect in 2026 that could increase costs for many businesses providing coffee, snacks, and other small refreshments to employees. For years, these items have been treated as de minimis fringe benefits, meaning employees are not taxed on them, and employers were generally allowed a deduction. But beginning January 1, 2026, the tax code stemming from the Tax Cuts and Jobs Act of 2017 eliminates the employer deduction, while the benefit remains tax-free for employees. From a practical standpoint, this rule may influence how businesses approach workplace amenities. Many employers offer coffee and snacks [...]

The Hidden 2026 Tax Change Affecting Workplace Coffee & Snacks2026-05-28T19:50:32+00:00

IRS Announces a One-Time Settlement Offer for Conservation Easements

2026-05-28T15:09:04+00:00

The IRS recently announced a time-limited settlement initiative offering eligible taxpayers involved in syndicated conservation easement disputes an opportunity to resolve pending matters on streamlined terms and avoid continued litigation. With more than 1,000 conservation easement cases reportedly pending in the U.S. Tax Court—and a significant number tied to Georgia-based entities, properties, or promoters—this initiative may be particularly relevant to Georgia taxpayers and advisors. Taxpayers considering participation should carefully review the eligibility requirements and deadlines outlined in the attached IRS announcement and consult with their tax advisors regarding the potential implications of the program. Killingsworth Spencer can also refer taxpayers to experienced tax counsel [...]

IRS Announces a One-Time Settlement Offer for Conservation Easements2026-05-28T15:09:04+00:00

Important IRS Penalty Abatement for Taxpayers affected by COVID expires July 10th, 2026

2026-05-27T16:56:10+00:00

Important IRS Penalty/Interest Refund Opportunity – Action Required Before July 10, 2026 A federal tax case, Kwong v. United States, is drawing national attention because it could allow tens of millions of taxpayers to recover IRS penalties and interest assessed during the COVID-19 pandemic. The court ruled that pandemic-related filing and payment deadlines may have been automatically extended from January 20, 2020 through July 10, 2023 under Internal Revenue Code Section 7508A(d), potentially impacting both individuals and businesses. If the ruling is ultimately upheld, taxpayers may be entitled to refunds or abatements for: • Failure-to-file penalties • Failure-to-pay penalties • Underpayment [...]

Important IRS Penalty Abatement for Taxpayers affected by COVID expires July 10th, 20262026-05-27T16:56:10+00:00

Medicare Surtax & NIIT Rules for North Atlanta Taxpayers

2026-05-22T19:01:54+00:00

The .9% Medicare Surtax - has applied since 2013 under the Affordable Care Act (ACA) - The income thresholds below are the same in 2026 as they were in 2013. While income thresholds have not changed, more households are now affected. Employees pay the standard 1.45% Medicare tax on wages, matched by employers with no income limit. The Medicare Surtax is an additional 0.9% tax on all earned income, including wages, compensation, self-employment income, and Railroad Retirement Compensation when Modified Adjusted Gross Income (MAGI) exceeds thresholds: Married filing separately – $125,000 MFJ – $250,000 Single/Head of Household – $200,000 Example: a [...]

Medicare Surtax & NIIT Rules for North Atlanta Taxpayers2026-05-22T19:01:54+00:00

Child Tax Credit Changes OBBBA

2026-03-26T19:54:09+00:00

The One Big Beautiful Bill Act introduced several updates to the Child Tax Credit and related tax provisions that may affect how you file in the coming year. Here’s a brief overview of what families with dependents should know moving forward. Child Tax Credit - for 2025 has risen to $2,200 (up from previous $2,000) per qualifying child under age 17. This credit amount will be adjusted annually for inflation. Additionally, up to $1,700 of the credit is refundable, meaning eligible families may receive this portion as a refund even if they have little or no tax liability. Both the taxpayer [...]

Child Tax Credit Changes OBBBA2026-03-26T19:54:09+00:00

The Final Tax Deadline of 2025 is three weeks away

2025-09-24T18:19:25+00:00

Cooler evenings are settling in, and pumpkin spiced lattes are back. Baseball fans anticipate the crack of the bat launching MLB playoffs, and last-minute taxpayers become cognizant the final deadline for Form 1040 is looming. Hello Autumn, Lynn Spencer here. The final due date to file 2024 federal and state income taxes is Wednesday, October 15th.  If tax is owed, it was due on May 1st. Unpaid taxes will continue to accrue interest and penalties until fully paid. The current IRS interest rate is 7.0% per year and compounds daily. Georgia income taxes owed are higher – 10.50% and compounds monthly. [...]

The Final Tax Deadline of 2025 is three weeks away2025-09-24T18:19:25+00:00

The OBBBA Effect – This Week’s Ripple to Your Wallet – Overtime Pay – Less Taxes

2025-09-17T19:49:16+00:00

OBBBA establishes a “no tax on overtime” pay beginning in 2025 and running through 2028. While it is not a total “no tax on overtime pay”, most earners will benefit. Greetings, Lynn Spencer here. Today, I will explain the nuances of OBBBA’s qualified overtime income deduction. Overtime Deduction Basics – The new overtime deduction can be claimed whether itemized or not. The overtime pay deduction is not an “above the line” deduction that reduces Adjusted Gross Income (AGI) which can make one eligible for more federal income tax breaks. This is a federal deduction – not an exclusion – so federal [...]

The OBBBA Effect – This Week’s Ripple to Your Wallet – Overtime Pay – Less Taxes2025-09-17T19:49:16+00:00

Congratulations to Rebekah Littleton, MAcc

2025-09-09T21:10:03+00:00

Killingsworth Spencer is proud to announce that Rebekah Littleton, MAcc, has officially passed the IRS Enrolled Agent (EA) exam! An Enrolled Agent is a federally licensed tax practitioner authorized to represent taxpayers before the IRS  for tax issues including audits, collections, and appeals.  This elite status is the highest credential awarded by the IRS.  Please join us in congratulating Rebekah on this outstanding accomplishment! #EnrolledAgent #IRS #TaxPro #Congratulations #TaxExpert

Congratulations to Rebekah Littleton, MAcc2025-09-09T21:10:03+00:00

EV Credits expiring after Sept. 30, 2025

2025-09-09T00:01:40+00:00

If you’re considering the purchase of an electric vehicle for your business or personal use, now is the time to act. The One Big Beautiful Bill Act terminates the following three major electric vehicle tax credits, effective after September 30, 2025: Section 45W—Commercial Clean Vehicles Credit. Up to $7,500 for light electric vehicles and up to $40,000 for heavy-duty commercial vehicles. This is the best option for businesses. Section 30D—New Clean Vehicle Credit. Up to $7,500 for qualifying new electric vehicles, with requirements for domestic sourcing of battery components and minerals. Section 25E—Previously Owned Clean Vehicle Credit. Up to $4,000, or [...]

EV Credits expiring after Sept. 30, 20252025-09-09T00:01:40+00:00
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